I like Walnut oil. It has a UV inhibit so hopefully the colors won't fade over the years. 2 or 3 coats to seal. Walnut oil will dry to a hard durable finish. Once the last coat is dry I buff it and use a food safe carnauba wax buffed to a satiny shine.
I use a walnut finish that has carnauba wax in it. I typically do the majority of the finishing while the piece is on the lathe. Doctor's Woodshop make several finishes with walnut oil.
I apply it in small amounts until the piece is covered. Since it is applied with the piece turning the wax melts. The wax does settle to the bottom of the container so it has to be shaken frequently. For this product I shake the container a little before applying it to an application pad.
Yes. I haven't done a lot of open segmented projects though. I did several of the tornado bowls posted on the forum. I believe I applied it with the with the lathe running at ~ 1000rpms to the inside and out. I used regular walnut oil on the open segment parts to seal everything. I didn't notice any finish in the open sections after finishing the inside and outside surfaces on the first one and had to coat the open segments. The other bowls were covered with plain walnut oil first and set aside for about 10 minutes to let it soak in. The excess was wiped off so it would end up on me! Then I used the mixed oil/wax finish to do the inside and out.