I am wondering if anyone has tried doing a combination of tung oil and wax. Could this work? One or two coats of tung oil, followed by a wax? Why you ask? I am trying to come up with a method which could offer good sealing/protection properties for the wood, but also offer a -very- flexible option to touch up areas after installation -particularly with no smell and hazardous fumes. I like the look/depth of the tung oil and its penetrating qualities, but don't want to kick everyone out of the house when it comes time to refinish.

Yep, you could wax a tung oil finish. Not sure you would want to but you sure can after it has completely dried and cured.

Thanks Gary. I'll keep it in mind as an option.