If I want to wet sand, I usually use Watco Teak oil, and then after I have finished sanding I set the call aside for a few days to let it completely dry. Then I can either buff it. Or add more coats of Teak, and then wait for it to cure an buff it, or I can use CA for the finish. I don't use BLO by itself as a finish, I believe the other oil finishes are better as a final finish. Teak , Danish, Velvit, Tru-Oil etc., all contain varnishes of some kind that helps to seal the wood.
Marvin