Ive been using a 1/3 ratio for each, maybe a little more tung oil than linseed. Essentially you are making a wiping varnish. Make sure you find boiled linseed oil, the unboiled stuff takes forever to dry. Since its so dry, when you apply, apply thick, let sit for a minute or two (to allow the wood to absorb the oils) and then wipe off the excess with a paper towel. Wipe as much as you can off, let dry for a day, and repeat till you feel satisfied with the look. If it builds up to fast, use #0000 steel wool, and rub between sessions. In the first few coats it will seem like you are removing everything, but you are building up micro-layers that will help bring out the grain of the wood. You can also use tru-oil as well, but while I like it for new projects, its a little too bright for my tastes to use on antique pieces. It should darken down pretty well with oil, if it is the kind of wood I am thinking of. The more sessions you do with the oil, the more the grain will pop out, but its real easy to get carried away (you can actually fill cracks with the oil, and it will help seal smaller cracks), I wish I could a recommended number of sessions, but well I normally get carried away. Once you are satisfied with the look, seal it all with a good wax (ren wax works, other wood waxes can work as well and some may add more protection) to protect the finish, and it will add some shine. When done you should have a good mellow finish, that will only grow darker with age. A great benefit of this process, should anything occur down the road, its real easy to repair. Steel wool the wax, and then re-oil.
As for etching, try doing a cleaning etch with lemon juice. The citric acid bites a little stronger than FECL, and does a great job of cleaning off rust deposits (save some elbow grease with the steel wool). Worse case scenario its etches a little white, but you can always go back with FECL to adjust color.
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