I refinished it just like I do all my stocks that need TLC.
I stripped off all the black and gave it a light sanding without taking too much of the marking off. I was surprised how light in color the wood was. I hit it with some dark walnut stain and that helped alot.
Then I use a tung oil soaked pad of 000 steel wool and rub it into the wood. Wait 20-30 mins and rub it down with an old T shirt, and let it dry 12 hours. Repeat as many times as necessary. I usually do a minimum of 3 and max of 15-18. When you do alot the finish almost feels like glass but isnt very shiny, satin I would say. Linseed oil is good but tung oil is waterproof which I like. Tung oil also seal in any cosmo that you cant get out of a stock so it is never greasy.
The above works really good on russian capture 98K's.
Just wish I could go shoot it, 3 month countdown has started.
I just picked up my first WL M53, shooting it for the first time tomorrow, from all of the stories I've read I really hope it works. Refinished the stock as well, here are some pics..