I think the linseed/thinner/varnish mixture is very similar to Watco. With Watco, you could also color it if you wanted. I rubbed it in with steelwool, which makes a nice smooth feel. But when it's wet, the roughness comes back in, and makes for a good grip.

: go with the oil finish. the best one I know of is watco, it's a mixture of
: oils and it has rosin in it, which eliminates the oily feel. basicaly it
: soaks into the wood, and the rosin drys the oil up on the surface of the
: wood. makes for a very nice finish. we wet sand all the gunnals of the
: canoes that come into our shop with it. It makes them look and feel much
: nicer, if you use varnish or some finish on the paddle, you should at
: least leave the hand grip area unfinished, it is a much nicer feel without
: varnish.