Before:
After (with better lighting):
I followed this procedure:
Refinish a Saw Tote
I varied slightly from this procedure by using wet dry 400 grit sand paper with the BLO. I haven’t put shellac on yet, but will post when I get the whole saw put back together.
sheworkswood.com 
That is an amazing piece of wood, it's going to be beautiful when it's done. I love how the oil brings out the figure.
Thanks! I got lucky when I bought this. There was no way to know that this was hiding below the finish.
Nice.