Penetrating or "drying" oils are your best bet. Danish oil and Tung oil are expensive and should be reserved for furniture.A penetrating sealer will hold up much better. I like danish oil types. You can make your own with urethane, tung oil and thinner, or buy Watco. Put as many coats on as you have patience for. After a two week drying period you can apply a hard coat over the top if you want shiny.
You're right. Most often these are some sort of repairs.ince you mentioned not an Ace, guessing more automotive / metal working is in your future. So I would assume heavy things, banging, dropping, so I would think a oil, not a poly type coating.