I recently got my Mosin Nagant rifle ($117 delivered) and last night I cleaned it up. Mosin Nagant is pronounced "moo-sin nah-gon", so I have affectionately dubbbed my new rifle "Moose Nugget". Thanks to Stranger for inspiring me re: these old rifles.
It came nearly completey coated in grease, which I took off the first night. But last night I got serious and stripped it down to the bare, oil-soaked cheap wood (fir?). Having sanded it as smooth as possible, I then mixed red oak stain with brown shoe polish and begin to polish iit into the grain. After this I cleaned up the metal parts and (since they were not blued) used 600 grit, then Black permanent marker to detail them. I put the rifle back together (very easy to field strip) and below is the result.