I use the above method.

I make my alkanet root by heating up linseed oil and dumping shredded root in it - the heat will pull all the pigment from the root and colour the oil.

Allow the oil to cool.

With your stock well prepped apply the alkanet root oil generously heating it with a heat gun till the stock is warm all over leave the soaking stock to stand, periodically topping up the oil as it soaks in. Once your happy with the colour allow the stock to stand for several days. Once happy begin oil finishing.
you will find even very light woods can be turned very dark and will drink up an inconceivable amount of this oil when hot, keep your heat gun on a low setting so as not to burn the wood.

If you must stain i like to use a water based stain. Apply till the finished product is darker than you really want it. Apply your red oil and some of the stain will leach back out. Once your red oil has had time to soak in and dry then apply your finishing oil, on stained pieces instead of building up very fine coats i apply finishing oil heavily, not worrying about marks or runs, when it is tacky and some places have soaked up the finish apply again, untill the wood will not absorb any oil and its sitting heavily on the surface, leave for a few days to allow the oil to harden. Cut back with fine paper lubricated with oil such as 800 or 1000 grit. once the surface is smooth and level then rub out a few top coats, it tends to be poorer grade wood that requires staining with more open grain so this helps quickly fill the grain as apposed to fine coats rubbed off with rottenstone.