My experience with thompsons water seal is that it is not a very long lasting product. I used it on a wooden ladder and for all intents it was dried out within a year. It seems to have a high content of a thinning and or drying agent which probably is what they want. Hey gotta coat those decks every year so buy more....
I personally intend on using turps and a boiled linseed oil first coat then a follow up with straight linseed oil. It is what I use on my paddles and I like it very much. Wipe off the excess oil and let it dry for a few days before skinning. I dont like some of the things Ive read about poly and oils, so I intend to let it dry. Be sure if you ever use this on anything to dispose of the rags safely as they could spontaneously combust.

Keep building, Elliott