Generally, the stabilized woods don't need anything. However, I find that many of them still benefit from a bit of oil, the colors stand out stronger and richer, but they also darken a little bit. I had picked up a tip from Mike Stewart, and I use a 50:50 mix of tung oil and shellac (he uses boiled linseed oil, same principle). Tung oil can take weeks to dry, but the shellac accelerates the process and, in theory, you can apply more than one coat per day (I still give them overnight to dry, though). I used to apply up to 12 thin coats, but I have cut back to fewer layers now - they get too plasticky with that much finish, and if I keep it thinner, they are still protected but have a bit more of the wood feelng left IMHO. Or maybe I am dreaming...
Oh, I sand up to 1200-2500 grit, dependingnon the materials, and then buff with white and pink compound. The white compound is around 1500 grit AFAIK. Using the drill press right now, but I just picked up an open-box grinder and plan to use it with the buffing wheels.
Stefan