I won't get into what is "best", but will tell you about the use of linseed oil. First off, you CANNOT slop the stuff on the stock, let it soak in, and ever expect it to dry. EVER. It is NOT a "flood and soak" finish. No matter what anyone has told you. It has to be applied in exceedingly thin applications. The first few applications can be thinned with turpentine to aid absorption into the wood, but still, do not put in on heavily. With each application, wipe it on thin, and yes, let it soak in, and then wipe off all the excess from the surface of the wood. Now, whether it's "boiled" or raw, or really boiled with lead carbonate, it HAS to have sunlight to dry. Period. No if's, and's or but's about it. It can sit in a warm dry room FOREVER and not dry. Real boiled oil with dryers can dry in a few hours. Raw oil can take a couple of days (all day in the sun) to dry, but it WILL dry if put on thin enough.
When linseed oil is dry, it takes on a gummy consistency. It will be dry, but it will never be hard. When you start getting the grain filled with the oil, and you get close to the surface, you need to apply the oil (still as lightly as possible) and let it stand on the surface of the wood and get dry or nearly so, and it will be gummy. You then "cut off" the oil from the surface with burlap, making sure to get it out of all the nooks and crannies. Do this until the grain is completely filled. With a true oil finish, nothing is left on the surface of the stock.
Linseed oil was actually not used a lot in the 18th century as a stand-alone finish. It WAS done on the most plain arms sometimes, and then, probably only a few applications without bothering to get the grain completely filled. Linseed oil based varnishes were used, generally over top of a shellac or seedlac based grain filler. MUCH quicker and easier to do than any oil-filled finish, with the added advantage of the shellac and oil varnish complimenting each other as a finish. Shellac is supposed to be good for stopping (or rather, slowing) water vapor, whereas the oil varnish works more with liquid water. The stock will still "breathe", but water transpiration is slowed to a point that the stock wood can easily handle it.
Water may pass through linseed oil, but it can also easily pass back out again, which is an advantage to my way of thinking. Linseed oil (when fully dry) is also virtually indestructible and water has no effect upon it whatsoever. People who complain about their boiled linseed oil finish washing out in the rain simply did not apply it correctly, nor did they allow it to dry thoroughly.
A good, ready source of good quality pure linseed oil is from Wal Mart. Go to the "arts and crafts" area, where they sell paint and ribbons, and things like that, and they should have small glass bottles of "Daler-Rowney purified linseed oil". This is good, artist grade oil, clear and light in color. (WalMart sells the oil, but doesn't sell the pigments to go in it....go figure.) I haven't used this on a gun yet, but I have tested some paint I made with it once, and it dried surprisingly quickly (again, in the sun). It is much better stuff than the hardware store linseed oil. I have had others tell me that they love the stuff for doing oil finishes, since it is so much nicer than the typical "boiled linseed oil" that you buy in the gallon cans.
Tried and True "Varnish oil" is actually pretty good stuff, containing only pure linseed oil and rosin as the resin. It works best as a top coat only. It dries relatively hard, and filling the grain with it is more troublesome, since you can't "cut it off" with burlap, and you must use steel wool or something to scrub it off the surface (I am desperately trying to wean myself from the use of steel wool...the bane of sharp corners and stain). It works best with a shellac grain filler, and again, it must be put on THIN.
I've had mixed results with Tru-oil. Sometimes it works alright, but sometimes the surface is very brittle and flakes off. Because of this inconsistency, I have quit using it entirely. Tru oil is a varnish, with resins in it. I don't know what type of oil(s) it contains, nor the resins used. It does hav an attractive, almost coconut-like aroma, though!