Instead of lacquer, I'd brush high gloss varnish (not poly) for a built up, handrubbed finish; I'd also use a shellac sealer coat between the stain & the varnish. I've done several pieces of furniture by the method & have been very pleased with the results. FWIW, I'm in Richmond where Biggs furniture was made (& where they had a high end antique shop) and several decades ago, I was taken on an extended tour of the antique shop & restoration workrooms by one of the owners. Quite educational.

Some photos would be helpful as "old worn look" is not specifically descriptive. Do you know what type of wood it is? I'd hold off on the steel wool. Some woods (for example oaks, that contain a lot of tannin), will react with the iron in the steel wool and leave black spots. First, your finish will never be better than your preparation. Just cleaning and sanding will not effectively remove the old finish, in general. And a finish will not smooth out a splintery surface. Second, be aware that most products called "Tung Oil Finish" are not tung oil, and most do not even contain any tung oil. Most are either a thinned varnish or a linseed oil-varnish blend. Unless it says 100% tung oil and contains no petroleum distillates, you are getting an imposter. Something that "looks sort of like tung oil." Tung oil, the real stuff, is not very protective and if you don't apply it right and allow sufficient inter-coat dry time, it will not look good and need to be stripped off. Varathane is a brand name, not a specific product. It's sort of like saying, should I buy a Chevy? Well are you talking about a Volt, a Corvette, or a cargo van? Varathane makes both urethane and acrylic (water-borne) varnishes, as well as stains and other things. It would also be helpful to know the look and feel that you are aiming for. Since we don't know that the current appearance is, it's hard to say what is going to change it.

You did a fantastic job on your first big project, the worry factor is often the biggest obstacle, and proper research helps to overcome this issue...you did great asking the right questions and perhaps you are well on your way to becoming a seasoned weekend refinisher. There is a great sense of satisfaction in being able to "resurrect" old furniture pieces, many can been had cheaply because they're so ughhh! So here are a few extra hints to helps with the next project... 1). Use the powerful, nasty strippers, with methylene chloride, they just get the job done so much better than citrus strippers...gloves n goggles n good ventilation are important, you will love the fast results, use a green scotchbrite pad, rough steel wool, a stiff brush, etc. 2).strip the whole piece, never mind taping off areas unless the finish is pristine...chances are you will been able to do a much nicer job if you take the whole piece down to bare, especially once you learn how to seal, glaze n tone....shellac n stain powders/glazes are your friends... 3).automotive dewaxers are great, like ditzler/ppg # dx330....a big helps in cleaning up after stripping n neutralizing....helps to avoid contaminants like fisheye"silicone" and lets your get a look at the grain and possible spots, problem areas before your stain or seal the piece. 4).while your can always re-strip, sand or undo your work, try to think ahead and prepare...ie, test stain/finish underneath a tabletop first, dont stain or finish in the sun or winds at 90 degrees, read up , but only from truly problem sources, like mike dresdner, etc.. 4).have fun and dont be afraid, we all had to learn to walk and talk. There is great satisfaction in learning how to finish/refinish....drying times, dust free and stain/finish compatibility are the biggies, so dont worry, ask a lot of ??? And dont believe everything your hear.... 5).cheers, holla at me if ya want...veryspecialprojects@gmail.com....I only have three decades of finishing wood under my belt, but I'll try to help if I can....aloha

OOh, Allison, my table top looks almost identical to your "before" pic so you have given me hope! Thanks. Now, they made me a NEW "old" table. They did NOT use the maple top. Maple does not take stain very well and wouldn't get as dark as I wanted. busybee3, the places in the close up that look like "burn marks" are the gouges. They stained darker than the top of the wood. I don't remember what they used to seal, but it made a stink for a few days after. It was not a shiny finish - matte. I never use shiny. Our hardwood floors were finished with tung oil because I wanted no shine whatsoever. My island (antique pine) was finished with Good Stuff For Wood. Not sure why they didn't use it on the table too. I will take a better picture of the top, but I'm running late so I cant do it now.