The 'clear' finish you plan to use may decide on your colour choice. Tru-Oil, (and other similar polymerising oils) is slightly yellow, and the more layers you add and the older the finish is, the more pronounced the yellow effect. So yellow and blue make green, so you can quickly get a green tinge to the finish if you Tru-Oil over a blue-stained guitar. Tru-Oil on red is generally fine, it just changes the tint a little bit towards the orange side of things.
So I'd use just poly, acrylic or another fully clear lacquer for a blue finish.
Can't say enough about the support you guys provide. McCreed, you are always coming with good suggestions. And Simon, you are the master. Andy, I think you've nailed it. Ebony Timbermate, sand back, then blue or red stain (still on the fence). Finish with poly. Smooth and glossy, as last year's AG is textured by a little bit of rattle-can orange peel, but fairly subdued and evenly coated. I like it. The idea of attacking the ash body to cut the weight scares me a little. But maybe it's time for some adventure. Thanks for all the useful input. Now, sanding....