Let's hear everyone's working methods and failures for restoring your C&R rifles.
My first rifle is a Yugo SKS. I did the following:
1. Disassemble rifle and soak parts in mineral spirits.
2. Wipe down all metal parts to remove cosmoline.
3. Use steel wool(0000) to wipe down stock with more mineral spirits.
4. Set stock in sun until more cosmoline seeps out and then wipe down with mineral spirits again and let dry.
5. Apply two "spit coats" of shellac to stock, and allow to dry for a couple of hours and then sand off with 320 grit carbide sand paper.
6. Apply 5 coats Formby's tung oil finish with a rag, letting dry for 12 hours in between coats and wiping excess off after each application.
7. Let dry for 24 hours, then applied Butcher's clear paste wax with steel wool(0000), then wipe down to remove steel wool particles. Allowed to dry for 2 days.
8. Reassemble rifle.
I'll post a pic later today. It looks great with a satin finish. The spit coat should prevent any cosmoline from seeping out on hot days.
I need to find a better way to get the cosmoline off of the metal parts since some is still in the really hard to get places. And don't use "ZAP" on anything. I tried it and it removed the cosmoline perfectly, but also totally removed the finish(tested it on the gas piston extension so my mistake can't be seen.)
I kept all of the dings and wood filler in the stock since I wanted to keep it in "as issued" condition.