The whole idea seems NO-SMARTY to me, allhough is have seen worn-trough-finish mahagony necks, those werent played anymore though and they were kept that way for emotional value. Wez is right, they are very coarse to play, so unless you like that just dont do it. Maintaining an oil finish is simply a drag, unless you realy like polishing guitars just let it go IMO.
I'd go with the refinishing Wez suggested, ive had two necks of which the nitro had gone to shitee, i just used a very slight amount of some polishing agent(wax with some small grain sand in it, used for polishing metal surfaces) and a new cotton disk on a machine. Wez more gentile aproach seems more sensible though. :lol: