Here's a complete step by step guide to finishing/refinishing with great explanations of the pros and cons of different finishes:
CMP Refinishing GuideI've been using the CMP method for several years now and the results are excellent. I've done K98k's. K-31's, Yugo's, Mosins, etc., and all have turned out fantastic with smooth silky finishes that leave the wood feeling like wood and not plastic.
The resulting finish seals and protects the wood but can be easily touched up if you get a ding or scratch. The poly finishes can be very hard to repair without stripping and starting over. The only changes to their formula I've made are the use of Formby's Tung Oil
Finish instead of the Minwax and I usually use the Minwax Sealer/Stain with the color I want in the stock instead of using a separate stain.
Here is the butt of a Russian capture K98k that hopefully shows the smooth satin effect imparted to the wood:
http://i18.photobucket.com/albums/b113/fiream29/Temp/RCK98k.jpgGood Luck!