Pure tung oil will never cure -- or at least take a very, very long time to. It is a lousy stock finish. The reason Formsby's works well is because it's mostly varnish, not oil. If you want a true oil (not Tru-Oil) finish, use Boiled Linseed Oil. However, that will darken the wood considerably (especially walnut). It also will leave a dull sheen, which isn't the traditional "AK" look. But then again, neither is walnut so maybe that's okay.
Behr's Scandinavian Tung Oil Finish #600 is a blend of BLO and Tung Oil and varnish and it is, IMO, a great compromise between durability/hardness and the oil "look." I finished a walnut M870 stock in it this fall without any stain under it and it looks great. It will take from 10-15 coats to get a good shine; you can use as many as you want. With BLO it is a lot harder to acheive much gloss; it will take many more coats.
Walnut is a pretty tight-grained wood. If you sand it down to 440, it won't take oil very well. You will have almost polished the grain shut. I'd recommend going to 180 or 220 at the most with a walnut stock. (I understand that the 440 was more of a color thing.)
How dark is the stock now? It may not need stain at all. Take your thumb, lick it (nice and wet) and wipe it on the bare wood. That color is what you will get under an oil finish.
If you do stain it, be aware that MOST "stains" at the hardware store also have some kind of finish in them, like polyurethane.
If you use one of these, your oil won't take well since the wood is already sealed. Try and get stain that has no finish in it whatsoever.
(True stains/dyes are made of tiny particles of color suspended in a solvent. The finer the particles, the deeper into the wood they will penetrate and the more natural the color and wood will look. The coarser particles will tend to sit on top of the wood and obscure the wood's grain patterns and any flaws (dings, dents) that you want to hide. Alcohol-based stains are the most fine (most penetration), followed by oil-based stains, and lastly water-based stains barely penetrate the wood at all. Walnut, being tight-grained, will absorb less color than beech laminate, the standard AK stock wood.)
Poly is an awful gunstock finish because, while it's hard, if you scratch it or ding it, you cannot repair it in any way. Varnish, shellac, and oil finishes can be repaired easily by comparison.
My opinion: walnut deserves a nice oil finish, either Behr's TOF or BLO. Anything that is a hard, plasticky finish that sits on top of the wood, like Tru-oil or Polyurethane, just won't do it justice.
Just my .02... I have a thing for nice woodwork on rifles.