Oil vs. Clear Sealer ...

Hello, I am new to working on guitars (basses) so my experience is limited to refinishing some solid body 4 stringers. I am trying to get advice about an alternative finish besides Tung or Tru-Oil. I have worked with both successfully, but I would like to re-do one of my basses in an oil finish of some kind that won't lay on top of the wood, but rather soak in and leave a mat finish. I keep hearing about a kind of oil/poly blend (Birdsong Guitars uses it, - so does Ibanez) that looks more like a Watco type finish but is a bit tougher. I have a walnut bodied fretless that I think would look and feel better in a mat, rather than a shiny clear finish. Any help would be appreciated! Thanks ...
 
You can achieve that matte finish simply by taking your Tru Oil or Tung Oil finish, and knocking back the gloss with 0000 steel wool (or 1000 to 2000 grit sanding sponge if you have one - the steel wool is usually easier to come by).

Tru Oil is actually a polymerized varnish that has oil in it - it is not 100% oil - and it does penetrate to a degree (though perhaps not as much as some other oil finishes as it tends to set up more quickly).