I've used Minwax Red Mahogany oil finish (by multiple gallons) for sealing treated lumber on a three story wood porch. That was in addition to roofing tar adhesive and topcoating. Messy but fits my 19th century and earlier wooden man-o-war ship building mind for heavy outdoor lumber.

On exposure to normal weather it will turn brownish. I am sure it is a good penetrating material based on my observations and expereince and if the color holds (it does, indoors) as a reddish brown, it would be a useful stock coloring. However my applications are heavy.

I have Tru Oil and Brownells' tung oil and found both to be worth experimentation on English walnut. However the blank I was working with is solid but undistinguished quarter-grain. Solid and stable but minimal figure on the Butt and only some interesting slavage grain on the front part which would be made into a forend.