I use Cocobolo on many objects. If I can afford it at the time.
I always just sand and then polish on a buffing wheel with rottonstone (It is a very fine grit). I mix it into wax to keep it sort of on the buffing wheel cloth (Linen?). Most Cocobolo will polish to a glass finish. I'd say no oil is needed even if it would take it.
Oil from the hand will keep it as 'oiled' as it needs.