I suggest that you use bronze wool rather than steel wool. When small pieces of steel get caught in the wood and not removed, they will usually rust in time ruining a good finish.
Even better than any metallic "wool" is to use synthetic sanding/paint removal pads (e.g. Scotch-Brite pads). They come in a number of different levels of coarseness and you can pick them up in any Home Depot/Lowes in the paint dept.
I also suggest using Birchwood Casey' Trueoil as it is very easy to use and gives a finish that can be touched up at any time even though it is not needed. BLO must be reapplied periodically to maintain the stocks water repellent properties.
I second the motion for TruOil. It's makes a wonderful warm oiled finish.
FYI -- You can find detailed refinishing instructions on the CMP's website.
JoeR