So here is how I've done it a lot of times:
1) I took out all major dents, dings and sctraches with soldering iron and
a fine, wet, soft cloth.
2) 60,100,200,400,600 grit sanding paper was used on the body.
3) I've releveled and recrowned frets and I've cleaned the fretboard.
4) Neck was in good shape with no major dents, dings or scraches so
I've used only 400,600 grit sanding paper to maintain the same
profile and the thickness of the neck.
5) I've cleaned the hardware.
6) Whole bass was redone with 800 and 1000 grit sanding paper
7) Bass was refinished with 7 layers of boiled lineseed oil and 5 layers
of warwick bee wax in this order:
8) First layer of boiled lineseed oil was applied and bass was left for
30 minutes to soak the oil. After that the "extent was removed" with
a fine, soft cloth. After 12 hour I've repeated the whole process.
9) Third layer of oil was applied and left for 30 minutes. The bass was
buffed with fine, soft cloth. 12 hours later I've buffed the whole bass
with 2000, 3000 and 4000 grit "sanding" paper. Warwick beewax was
applied and the bass was left for 12 hours.
10) The whole process was repeated several times till I had 7 layers of oil
and 5 layers of warwick beewax.
11) So the bass is now finished with oil/wax satin finish and doesn't require
standard warwick wax maintnance. After playing standard soft, cloth is
going to be more than enough.
Cheers!