I've used Tru-Oil on #2 and #3. #2 is still holding well, which has "many" coats on it. Of course, its never played, and is treated like it has Shellac on it. Still, its a Mahogany instrument, and remains very open pored. From a sound perspective, its the one that you need to close your eyes and listen to someone else play it, and its the one that has the sound I shoot for still today. Of course, being #2, it looks like crap and plays even worse.
Tru-Oil lays on an extremely thin finish (compared to poly or nitro), and you'll find the first coat just wetting the surface.
I would suggest pouring it into a smaller container, than just working it straight. I had "pieces" from the pad go back into the bottle and harden the Tru-Oil, causing lumps. I thought this was me not knowing how to use it, and I immediately invested in spray equipment. In retrospect, I may have done more Tru-Oil finishes had that not have happened.
Personally, I think it can leave a better finish than what you can get from a spray can.
I picked mine up from Sports Authority, in the gun department.
-Aaron