Hey Rob, How did you take the oil finish out? Did it sand out, or did you use some chemicals on it? I've got an SR 505 with the same Mahogany body, with some kind of oil finish. I'd like to try this too when I can get some time and $$'s together.
The neck and fretboard are oiled, but the body is some type of thin, brittle, varnish or lacquer. I use the Jim Dunlop Fret Board Deep Conditioner (oil) on my neck, and fretboard, and they just soak it right up. When I tried to apply it to the body, it just sat they and beaded very slightly, and then wiped off with a filmy residue that took a couple of more swipes to clean.
So I just sanded the body past the finish and stain (not very thick on either count). It's very light wood - take a look at the neck pocket in the photos.
I've been asked for a step-by-step, so I'll go over the process when I can sit down and type for a while - it may even be a multi-part post (with a cliff-hanger at the end of each!).
It was all just basic wood finishing, but I'll detail it.