I find its best applied in light coats especially by really rubbing in the first couple. After you get a decent start and it quits soaking into the wood, you can lightly wipe on a medium wet coat and hang it to dry for a day. Just be sure to wipe it clean if you're buffing with 00 steel wool in between coats. Any metal fibers from the steel wool will look like stuck on dirt on some of the more flat areas of the stock. I use a can of compressed air like the ones used to blow the dust off keyboards to get in the tight areas, and a clean rag lightly dampened with water to wipe the stock clean before I start with each coat if I've buffed it down.
Don't be afraid of getting it on any metal parts of the stock, you can always wipe those clean with some solvent like paint thinner or turpentine later.
When you get the finish you want using the desired amount of coats, you can also lightly buff the stock with 00 steel wool, or a coarse rag like a clean shop rag or piece of burlap. That will take some of the gloss from the finish and make it look more natural, plus get rid of any dust nibs.
Depending on how dry a stock was when I satrt, I'll usually use 4 to 5 coats, and yes the smell goes away after a week or so.