I used crimson water based stains and oil for my kit (this was before they sold two types of oil, so I think it was the same as what they call the penetrating oil now). Half a bottle of stain for each should be enough if you are doing a burst or something. I did black all over, sanded back, then blue all over, then black around the edges. Still have half a bottle of each left over.
I used the oil on both body and neck, it can pull the stain out with the first couple of coats, so make sure you have let the stain dry for a while before oiling. I also found that using the wet dry sandpaper while applying the oil, like the crimson guy does on YouTube, made it very easy to sand through the stain particularly on the edges, so I stopped that after a while.
Also don’t sand above say 240 grit before staining, maybe even less for the first coat, because the stain will be less likely to penetrate then. I was really happy with how the oil went on the neck, it turned out nice and smooth. Be sure to wipe any excess off around the frets, I missed a couple of frets on mine. It will obviously be less durable than a lacquered fretboard but you can always clean it and add more oil in the future. I used a full bottle for my Tele, so I don’t think half a bottle will be enough. Even then my Tele is a very matte finish, so if you want it glossy, you will probably need one of each of their oils.
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