The basswood veneer should need minimal to no sanding.

It is normal practice to mask binding when applying colour coats like stain or paint, but to cover it with any clear finish.

I’ve got no experience with wax oil finishes on guitars. The normal ‘oil’ finishes are polymerising, so you get a hard sealed surface. They will also stick to binding. None of the main ingredients mentioned for ‘Evolution’ seem to be polymerising so it may just wipe off the plastic whilst being absorbed by the wood. It’s not a finish I’ve seen used before on a build here.

If you’ve already got some, then you could try getting hold of a small sheet of maple or basswood veneer and trying it out on that to get a good idea of the type of finish you’ll get on a closed-pore wood.

It’s not standard practice to put finish over a rosewood or ebony fretboard. It certainly wouldn’t be very Gretsch-like. Rickenbacker are the only guitar company that I know who put a clear finish on rosewood boards. It’s more normal to apply lemon oil or mineral oil (chopping board oil) on rosewood or ebony fretboards (or any dark wood fretboard) to replace lost moisture, darken the finish and help prevent the board from shrinking over time.

But it’s up to you if you want to apply it. Some people like glossy fretboards, some don’t. It’s as simple as that.