I'd use the Boiled Linseed Oil and then use the paste wax. Paste wax will not penetrate the stock at all, wears off very fast, and offers little if any weather protection.
Sand the stock to 220 grit, if it needs sanding. Then soak the stock with BLO with a bit of turpentine in it. Wait a day or two and then soak it again, but this time with unthinned BLO. Just keep on putting oil on the stock with a sponge until you can see that it isn't taking any more oil. Then wipe off and wait a few days for it to dry, which varies with your temp and humidity (you could add a bit of Japan Drier to the BLO to speed drying). Then rub on the paste wax. You could follow the same approach but use pure Tung Oil or even Walnut Oil. I find the the Walnut Oil seems to dry harder and gives a better looking finish and I've read that it holds up better against water, though I haven't used it yet on a gunstock. You can buy Walnut Oil online from Woodcraft or other vendors. The Walnut Oil darkens wood a bit more than BLO does, so I should mention that.