TD has used Tru-oil more than I have. I have only experimented with it a bit. It does not have a lot of odor, and I did use it in my marginally ventilated garage. Here's the safety data sheet on it:
Like pretty much any oil finish, it has petroleum based solvents that make it toxic. Probably not that bad, but you'd want to use it in a well ventilated space. My small experience with it suggests that it is easy to use, levels well and makes a nice shiny finish. It will also add a bit of amber color. One of my experiments was to see how it did over spray paint. It did fine ;-) Others may know if it gets deeper with age as some oils do, that's good or bad depending on your tastes and what you have under it ;-)
If you have seen my work-in-progress Tele project it's all garnet shellac and water based poly on the body. I like using shellac, but I found it hard to get even color out of the garnet shellac I was using. I won't use it again. The poly is General Finishes High Performance. I can get a decent finish out of it, but the main virtue of the products I use is low VOCs and toxicity. I really like the finishes that TD and others have gotten with Cabot's water based poly...but it ain't sold where I live. Pity, it looks about as safe as poly gets...
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