YOu can give the stock a good wash with soap and water to get off most of it. That will raise the nap of the wood, which you can then take down with very fine sand paper. The sand paper will remove the fuzz, and also any remaining pencil marks, etc.
I also wash my hands to remove any grease from them before handling the stock during the sanding. No point in putting more oils back on the stock after you took the time to get the others off!
After you stain the stock to the color you want, you may want to bone the wood down, using either a piece of bone, or antler, a hardwood dowel, or even the shank of a long screw driver. Boning smoothes the wood, and gives it a hard surface. It takes stock finishes well. Boning also brings out little stress lines in the wood that otherwise take years to show up under the finish.