It is at the same time a penetrating and surface coating. It sounds like you are properly applying thin coats and it will take at least 5 or 6 to get a nice finish. As soon as a thin coat dries without the dry looking spots, apply the next 2 or 3 with Handi-Wipes you buy at the supermarket. Put on even thinner coats wiping in one direction like you were applying a finishing coat with a brush. Now use 0000 steel wool instead of the sandpaper. Should be looking like a nice satin finish. Get some Johnsons Paste Wax, dig out a big glob and put inside a square of the Handi-Wipes. Wrap that in another piece and now you have an applicator to put on a nice thin coat of wax without constantly going back to the tin. Start wiping before the haze really sets or you'll be working too hard. Remember, the longevity of the Great Wall of China is attributed to soaking the stones with Tung oil.