A few wood finishing observations:
Just so we're clear: you aren't trying to stain the Pau Ferro, right? Woods such as Pau Ferro, Cocobolo, Bocote, Goncalo Alves, etc. are members of the rosewood family and probably won't take a stain. Hell, it is hard to get those woods to even take a finish! For those woods I'd recommend a sanding progression through 600 grit, and then wet sanding with BLO or tung oil using either a super fine synthetic non-woven pad (Mirka is one manufacturer) or Liberon brand steel wool (worth the extra $$ because it doesn't leave steel wool residue all over everything). Follow that up with a buffing pad on your random orbital sander and the wood will GLOW. I built a Japanese Gong stand and a Mirror frame out of rosewoods and this is the "finish" schedule that I used...
The only thing that sticks to everything is shellac. Dewaxed shellac sticks to anything and anything sticks to it, so if you want to seal the wood to prevent blotches before staining, I'd recommend thinning Zinser SealCoat 50/50 with denatured alcohol and wiping on a thin coat, then sand lightly with p400 or higher and the porous areas will color evenly, although not as dark as it would on bare wood.
Re: the dye/sand/dye thing. This is awesome for woods such as figured maple, figured ash, flame birch, etc. Darker woods you could "warm up", I suppose, but I have done the following on tiger maple and quilted maple: ebony dye, then sand back, then a brightly colored dye over that, followed by a shellac seal coat, then gloss topcoat. IMHO, Modulus does these finishes the best, although the "Ceruse" finishes done by George Furlanetto employ a similar technique on ash that is stunning, using colored grain fillers instead of dyes. If you were to do this on sapele, which is already kind of darker, I'd recommend a dark brown to accentuate the ribbon figure, then sand back, then either straight on to topcoat or yellow or orange mixed with a small amount of medium brown. Experiment with scrap.
Finally, Talkbass is probably not the best place for these discussions. Go to the forums at
Sawmill Creek Woodworkers Community - The Sawmill Creek Press. There are people in the finishing forums over there that have forgotten more about wood finishing technique than most people know!