OK Bill,
I'll give you a few tips and perhaps some others can chime in as well. As to the sanding, I'm not sure exactly which machine you plan on using. I know you say orbital but there are a few designs out there. The kind most of the posters here have had pretty good results with are these types:
* The U-Sand. It has four independent orbiting/rotary heads to which the user attaches sanding disks. It supposedly gets very close to the edges.
http://equiprentinc.com/generalrentall/ ... p?id=43552
* The other type is an oscillating/orbital machine called a square buff. There are different brands but here's one from Clarke. It use a larger single sheet, 12x18, of sandpaper.
http://www.americansanders.com/Products ... BS-18.aspx
Both of these types will sand a floor but it will be slow compared to a drum/belt floor sander. But you will have less chance of screwing it up. If you have end butt overwood and side overwood, it will be slow going. Try to get a model with dust collection. About your grit selection, if using one of these types, perhaps 30, then 50, then 80, then 120. THEN water pop EVENLY and allow to dry completely. I do not care for Minwax stain. It is watery and slow drying. But it's cheap. You can use it but allow at least 72 hours to dry. As for a finish, go with a quality oil-based polyurethane. They have the most "bang for your buck" and are easier for the novice. One top quality brand is Fabulon. It can be rolled. Dura Seal does not roll well. I do not roll my finishes but use a 10" Padco pad for smaller and cut-up areas. For larger areas, I prefer to T-bar. Some use a lamby wood block with a synthetic cover. Shoot, I've even seen old timers brushing on finishes with 6" floor brushes. You'll need (3) coats minimum and allow each coat to dry thoroughly before buffing with either a 220 screen or maroon "in between coats" pads. Then you'll need to vacuum and tack well before applying the next coat. Good luck.