mostly i use linseed oil, applied with a paint brush several times or embrued in.
why? well, it's natural, pure (no toxic ingredients, no ingredients at all; i too feed my chessie with it), protects efficiently against moisture and leaves no glossy surface. besides, it shades the wood and brings out the grain slightly. it can be lacquered over for cresting, glued on with either fletching tape (sorry
) or any glue. you can apply tung oil or any hard oil for finishing either.
it's traditional, cheap - almost perfect.
mho.