I just started building laminated longbows over the last year and have been struggling with getting a really nice finish trying several methods. In this trial and error process I have had to "refinish" my creations a few times. I have been using those foam sanding blocks in different grits to remove the old finish and then using steel wool as the final sanding. You will lose the data written on the bow if you take it down to bare wood as it seems that many bowyers (including myself) write the information down between coats.
The last two bows I have completed have finished nicely and here is how I did it (this is not "original information" but compiled from a lot of research here on this site.
1) Sand the wooden parts of the bow (riser and limb edges with increasing grades of sand paper)
2) Rub lightly with a damp rag to raise the grain of the wood.
3) Lightly Re-sand to smooth out the newly raised grain and then wipe with denatured alcohol.
4)Rub on a thin coats super glue to the exposed wood parts, allow to dry and then lightly sand then repeat until all of the grain "holes" are filled. Be careful not to glue yourself to the bow, yourself to yourself, or yourself to your scotch glass during this process. Ask me how I know
(This step may not be needed if refinishing an old bow as the grain may already be filled with previous finish) Reclean with denatured alcohol.
5) Rub in coats of Tru-Oil into the wood only following package instructions until a uniform finish is achived. Lightly buff the entire bow with 0000 steel wool and then wipe down to remove dust.
6) Re-write the bow information onto the limbs as desired using a fine tip Sharpie PAINT pen. (NOT the standard sharpie marker which tends to bleed) Allow to fully dry.
7)Wipe the entire bow down with Wipe-on poly with multiple coats as directed on the package, lightly buffing with steel wool between coats.
8)Allow to dry for 24-48 hours and attatch your arrow rest.
9)Go shoot it and admire your work!
Hope this helps...it is what has worked for me.