There's a bunch of options out there for finish, (and most are by much more experienced bowmen than myself). Truth be told, I aim for simple options because I lack a lot of skill. I agree on the steel wool to remove the old finish, works great and you can't accidentally over do it very easily. For finish I have settled on Tung Oil. It's a glossy finish, but that's what I like. I picked some up at Home Depot for around $20 and it lasts a long time. I wipe on a coat, hang for 24 hours, and repeat for 3 or 4 days. Its a very tough finish, water proof, scratch resistant, and sharp looking. I've done 4 or 5 bows with the one can and still have enough for as many more bows. It wipes on so it's easy to apply without streaks and won't flake or peel. Just my experience, and like I said - whatever other people tell you is just as (or even more!) better options.