I mix the alkanet root powder with boiled linseed oil and gum turpentine 50/50 in a small screw top jar, about a cup full is enough for several stocks ,rub it in with a lint free cloth as many times as you see fit, generally 3 or 4 coats should do it, as you can see in the link it's red but the color mellows out when you apply the linseed oil, you'll be surprised how much figure it will bring out .

http://customgunandrifle.com/index.php?option=com_content&view=article&id=18&Itemid=17

I'm buggered if I know what the other stuff he uses is ,I use boiled linseed oil that you can get in any hardware store. Be aware that what is sold as turpentine these days is not, you need Gum Turpentine, that is the real old fashioned stuff distilled from pine trees. When you have finished reshaping and sanding your stock, paint on or rub on the alkanet root mix a few times till your happy with the color, then start applying the BLO, for the first few coats cut it 50/50 with turps until the wood won't swallow anymore and then go to straight BLO.You can wet sand it if you like with 1200 wet & dry using BLO for the lube but be careful of the edges,eventually you will get to a point where it's all but finished, then you dip your index finger into the oil dab it on the stock and rub it in with your hand, the friction will create heat which makes the oil go off. When you're happy with it which should take a month or so of daily applying and polishing, then you can cut it down to once a month for a year and then once a year forever after

http://www.antiquerestorers.com/Articles/SAL/rub.htm

cheers
Pete

Ps, that's not the only way to do it, that's my way of doing it.