Do wear gloves when using it. Goes horribly sticky on the hands if not. Meths/ white spirit seems to get it off though but it isn't easy to get off.
I would decant your share into much smaller pots. I buy it in 8oz bottles and the dregs of the last one were starting to go off. I would prob suggest 4oz pots. It seems to gum up around the top of the bottle, jamming the cap on too. Only put a hole in the foil of the original bottle- don't peel it off.
Personally, I like to massage it into the timber rather than using a cloth. Then wipe off the excess. On the 2nd coat, I use a cloth and put a few drips onto the piece rather than the cloth. A little seems to go a long way on the 2nd coat and subsequent ones- it feels like you are burnishing the coat as you apply. I don't denim between coats, however the last lot I used (dregs) wasn't as silky smooth as previous times.
Wet sanding the 1st coat- with grain and then in circles, before wiping across the grain filled walnut grain nicely.
It should be good for tool handles- it would be my choice. I also bung a bit on garden tool handles after sanding off any varnish.
I normally work on 3 or 4 coats of tru-oil for non utilitarian pieces. If it is nice and warm, you can bang these on quite quickly- 30 minutes a coat after the first one.
As a finish, I rate it at 10/10.