I wipe on two or three coats of Tung Oil. Got the idea reading a post here, someone mentioned it was lighter, by around 30 grains,
than poly's, and my preferred shafts were weighing in higher than I wanted.
With the Tung Oil, I've been getting the weights right where I like.
I've been using three coats lately, on most of my arrows.Two good coats works well and save a day of drying time. Three coats start to look similar to the poly's, the third coat usually looks better than the two, in durability and appearance.
Simple to touch up, easy to work with, don't need a dip tube ( of course I have one anyway, dipped my first few dozen in water based poly). I make pretty simple arrows, have had no issues with compatibility with the Minwax stains, & Sharpies, duck, fletching tape, etc.
Mainly, the advantage for me is how light they finish. I'll be following along to learn more about some of the other finishes.