Yes keep applyiong coats of Tru-Oil unitl it stops sucking it up and starts building up. That should take 10-12 coats with Tru-Oil. Then apply 3-4 coats after it builds up, forgood depth.
The only problem with aresol Tru-Oil, is that it is prone to run. If you go that route, apply realy light coats, just heavy enough to get rid of the orange peel look. A better bet would be to use Gun Sav'R stock finish from Brownell's
http://www.brownells.com/aspx/NS/store/ProductDetail.aspx?p=5529&title=Gun+Sav'R+CUST OM+OIL+GUNSTOCK+FINISH It dries quick, is run resistent (not run proof), is alight-med satin, and is very durable.