I recently built an AK and wanted that battlefield pick-up look. I had to use a new handguard and rubbed in used motor oil to make it look like the old original buttstock and pistol grip. I was amazed at how well it gave the effect of aged wood. I distressed it first by beating and gouging it with different things, ended up looking pretty authentic, and quit smelling like a truck-stop in a day or two. I think you are right on the order of treatment.
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