Restored my brothers wheel over the weekend. This is the 5th or 6th one I have done, each time getting better.
I used a stainless steel wool ball to clean up the wood part, not sand paper which could get rid of the texture of the grain in I went overboard.
I used floorboard polish to seal, Only 1 coat to keep the texture. I have done with 2 before, however I prefer a little texture.