Dav, what type of wood are you working with, they all react a little differently. DGman is the expert on this type of stuff, but I do know you get different results from different types of wood. Some grains just show better then others once oiled, some species need to be enhanced to get the amount of "POP" you might desire. So if you can be a little more specific, it will help get a better answer.
Spraying lacquer on Oak, wont bring the grain out nearly as well as oiling it first will. Oiling a piece of Maple will not "Pop" the grain nearly as much as the oak does, regardless of oil or lacquer. So the type of wood you are using does have an effect on the type of finish you want to apply and the results you want from it.
As for using different oils to bring out the grain, oil is oil, they might have some different properties, but they all basically end up with a similar result looks wise.