whoo
<Silver Donator>
Ok I just looked it up. Tru-Oil is gun stock oil. Gun Stocks are usually made of particularly hard woods like walnut, ash, butternut, maple. Basswood is a soft carving wood.Basswood is soft. 320 is high enough for the wood. I would use a sanding sealer before staining. If you plan to use the guitar regularly, I would plan on something more than an oil only finish.
I'm not familiar with tru-oil. Is it meant to get 10-15 coats? Usually oil finishes don't cure well if they are thick.
Most wooden instruments I'm aware of fall into two camps:
1. oil + varnish (like violins, mandolins, and accoustic guitars). The varnish dries hard, but is not very durable or resistant to abrasion or chemical /water damage.
2. Lacquer (like pianos and electric guitars). Laquers are very hard and abrasion/chemical resistant. They can be polished to a mirror gloss.
Plenty of examples of both being done online.
I'm afraid Tru-oil may look nice but will not be protective enough for a guitar that's carried and used. It's mostly linseed oil.