i am a near-fanatical proponent of tung oil. i hate those fender factory gloss finishes. i have a fender musicmaster bass that was in horrid shape (it's still not reassembled, because i'm slack) that really needed a good cleaning of everything around the neck. i took all the hardware out (except for some of the tight-fitting rings that the tuners go through), and sanded all that shiny shit off of the back of the neck (i left the front of the headstock so i wouldn't mar the logo) and tung-oiled it. 2 or 3 coats a day, letting it cure for the rest of the day until i got back around to it. i think i did that for a few days-then i sanded it again, ever so lightly, leaving a nice smooth, woody-feeling finish. i also olive oiled it to even out any perceived variations in the finish-doesn't take much. i took steel wool and scrubbed the shit out of the fretboard, before olive oiling it, too. the neck, in my opinion, is now vastly superior to anything with the fender name on it, as far as overall feel and appearance, but everyone has their own taste. i know i will do this again to any guitar i'm going to regularly play, unless it is worth quite a bit to collectors, in which case, i'll probably just sell the damned thing.
i also let all the hardware soak in little ziplock baggies wrapped in paper towels soaked with lots of wd-40. when i took all the little bits out for a few days, they cleaned up very easily.