Hey John, I used to use Danish Oil for all my scroll saw projects. What it does for me is it brings out the grain and color of the wood. Naturally, it works best on hardwoods. It does not do much for pine and Baltic birch. Instead of using Danish oil anymore, I use a 50/50 mixture of boiled linseed oil and mineral spirits. The mixture does the same thing as the Danish oil, but is a lot cheaper overall. To apply a topcoat over the Danish oil, you have to let it sit for about a week. With the mixture, you can apply a topcoat the next day! Applying an oil over stain does nothing.
For a topcoat, I use Deft semi gloss spray lacquer.