This .58 caliber Thompson Center Renegade is one I built from a kit in the very early 80's. The stock on this rifle was treated with boiled linseed oil applied by hand. I would warm the oil first and then spend hours rubbing coat after coat into the wood, day after day. What amazes me is for being over 25 years old the rifle still looks good, the stock has not faded, and although waxed, the rifle still shines...
A friend of mine did his T/C Hawkins Kitwith Tru Oil in the early 90's and I have to admit his turned out PERFECT! His rifle compares to the best of the custom rifle stocks I have ever seen. That Tru Oil would be the way I would go for a finish.
As for the splinter that is going to break off... I have little experience with rifle stocks repair. Eldeguello seems to be a good rifle builder and there are others also, that could offer you much better solutions then I can. Good luck. I know how you feel when one of the rifles get damaged. It drives me crazy too...