Your situation sounds nearly identical to mine. I have a 50 year old house with lovely white oak floors that have been covered with carpet the entire time.
As a DIYer, I really like the U-Sand orbital sander. It's four random orbit heads and a vacuum that does a nice job cutting through old finish. It's not very aggressive, though, which is both its strength and weakness. You may not be able to get deep scratches or stains out of the floor (I call these "character" in a 50 year old floor), but you won't gouge the floor either. It's quite idiot proof, which is essential when I'm behind the wheel.
In my experience, white oak excels with three coats of oil polyurethane. The ambering is just made for oak and gives a classic look.
Bill
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