Danny,
I have used a concoction that I call "Rude and Crude". It consists of 1/4 mineral spirits, 1/4 BLO and 1/2 polyurethane all mixed together in a pint jar for the initial coat. I DO NOT soak the project, I wipe it on with a rag or paper towel. (or even a foam brush)
The BLO pops the grain, the poly seals the pores in the wood and the mineral spirits helps the drying time which is fairly fast (an hour or less).
This WILL NOT give you a shinny or glossy finish but it is a very good base coat.
Then I sand down the "fuzzes" with brown paper sack to get a really smooth finish. After that you can spray on (or use the wipe on type) a coat or two of polyurethane of the gloss of your choice.
I have given the recipe for this concoction before but, I must repeat.....To keep it fresh and not dry out, remember to wrap the threads of the jar with Teflon pipe sealer tape to keep it from sticking shut. Believe me, if you "glue" a jar lid on with poly you will NEVER get the lid off again! B.T.D T. and have the T shirt! (and three SEALED jars of Rude and Crude to prove that)
That is another reason that I don't recommend dipping or soaking the project, it drys fairly fast (Mineral spirits remember, is a solvent and evaporates quickly) and your mixture is useless when it gets as thick as honey. I guess you could add more mineral spirits to thin it out again. I've never tried that out though.
Rog