I would do three coats of dainish oil , check and correct color as you go, when You like it then use oil based polyurathane over that. mine seem to be standing up well.
If you want you can just do the oil and then later do the poly if you want to , my second option would be to just use the oil, do lots of coats and put it on with 320 grit wet or dry paper, so you sand it in after you have about 2 coats down and that gives a super nice hand rubbed finish.
the oil adds hardness under the surface and fills some voids , the oil based poly then adheres really well to that. Ive never seen any peeling at all. I used deft brand and they are designed to work together it even says on the can to do that for a more durable floor. if you use poly, do three coats of the poly in the same day so it interlinks properly. the oil I'd leave a few days between coats so it soaks in well. also on the first coat of oil , let it dwell at least 15 minutes before you dry it down. the first coat is the one that soaks in and if it soaks in well it's best for adhesion.
it's ok if you give some time between the coats of oil and if you want it darker you can use a touch of stain in the outer coats but use clear for the first coats so it doesn't drive pigment into any scratches and bruises and enhance them. If you want to fill cracks I'd do that now.
after the poly goes on the floor will continue to darken from UV and that will continue for a while. If you want you can also tint the poly.
to apply the poly I use a sheepskin pad but I wrap it with some good quality linen , like a bedsheet, that holds the fluff in.
you can reduce the poly slightly if you need to. it depends on temp. there is a technique for applying it but basically you wipe it on and dunk the applicator. as you set it on the floor it leaves drop marks, when you lift it off the floor do it gently so as to not leave a mark. Your technique should be such that your drop marks are covered by wiping or you will see them. dont' stir it too much , you don't want air bubbles in there. if you want a satin or matte finish only do that on the last coat or it will not look as clear. It's best if you dont' hide the grain. make sure the room is spotless before you start. the applications of oil help pick up any dust or hair etc.
optionally you could just do oil , give it a few coats and see how you like it for a year. You might prefer just the oil. you can still wipe with a damp paper towel just dont' go crazy with the water. if you want you can always wait a year and still redo the oil finish and topcoat later.
I'd start with oil then make the decision later if you want poly too. part of the reason I like that way is you can see the floor after the grain pops but if you have a footprint or a bruise or something that shows you still can sand more with the oil until it is corrected. You can also play with the darkness a little once you are happy wit hthe look and apply the oil then it's nicer than just putting oil on the wood and then realizing there is a big footprint in the middle of the floor. very minor marks are invisible in the raw wood state and tend to pop once you have a finish down. if the first coat is oil you kind of have to live with that or re-sand the floor so I like this way as it is a bit more forgiving. If you find flaws and then do a little spot sanding after the first coat of oil and then give more oil you won't see any issues. you are going to basically feed the floor as much oil as it can take between periods of dry time. I like the danish oil as it has some dryiers in it but you could probably be as happy with other types of oil like blopentine or tung oil. they don't really put dainish people in the oil
it is just a name and it is mainly linseed oil and turps I think. you can add more turps if it feels sticky. after you put it on dry as much as you can off. return after 1/2 hr and you'll see some oil seeping back out near the cracks, give it a second dry down to avoid sticky spots as it tends to ooze back out a bit sometimes.
in the above picture you can see other than the scratches that the surface wasn't flat before the oil went down. You can see where the softer parts of the grain tore out during sanding even under the finish. If you want a really nice floor before you do the oil you can hand scrape. It would take a day or so maybe three evenings. a flat cabinet scraper will take away a lot of defects like this and produce a higher quality finish, if you want to do the work. the better the surface is the better the finish you get. It's true that to recoat poly you'd see a line where the finish ended unless you went to considerable work to feather it in. I'd put some oil on the scratched parts and then rub it out well. It won't completely hide the scratch marks but that area would become much less noticeable as it would darken the bare wood spots, that's what shows most.
before you put your coating on , feel it with your hands it should feel smooth and flat, if it doesn't you still have the choice to sand more. If you try the scraper you'll see how it only takes off the high spots and wont' tear out the grain like in the above pic. it's easier if you have strong hands. if not then the holder thing that lee valley sells helps hold the blade and makes it easier.
