I still use whiting powder coatings.
It's not as fast as some of the solvent soaks, but it's more efficient.
I've done the soakings and have had deep down oil still weep to the surface many days or even weeks later.
OvenCleaner (lye) works to remove surface and just under the surface grease and oil by turning it to soap. But won't draw that deep oil that's been pulled down into the wood along the grain. Turns wood funny colors too sometimes but that can be revearsed with a bath of oxalic acid (wood bleach). The latter will not remove any additional oil though.
I use alcohol to mix up the whiting paste instead of the often advised acetone. Not so much for any reason of safety or better results, it's just that the coating will be on there for a few days to a week anyway.
The alcohol or acetone used to mix it up and apply is long gone in a few seconds or minutes after applying and has little to do with it's effectiveness. You could use water for that matter, it's purpose is to just get a coating of the powder onto the wood and dry to a hard shell on it..
Alcohol evaporates slower and allows me to get the coating onto the wood easier w/o it drying up so quickly that's all. Using acetone isn't going to draw any more oil out of the center of the stock for you as it's evaporated in a few seconds of being brushed on.
Yes it's slow, but it works w/ no damage to the wood. Several coatings are usually necessary. Have some other work to do and let it set in the corner and forget about it and do it's thing.
Wear a mask when brushing the old dusty coating(s) off.
Wash w/plain water the last coating after brushing. A little of the whiting will be down in the grain but will disappear during the refinishing process.
