I like the medium-luster sheen that my homade oil-varnish blend yields. The specific components are: Behlen's Rock Hard Varnish; boiled linseed oil or 100% tung oil; and VMP naptha. Resins: The Behlen's is very high in resins compared with the standard and spar varnishes one finds at hardware and home centers. I prefer Behlen's Rock Hard Tabletop Varnish which is a "short oil" compared to the standard varnish's "medium oil". What this means is that the amount of oils (like BLO) put into the can by the manufacturer is less and it therefore contains more hard curing resin. (Spar is a "long oil" - much more oil to resin to yield a more flexible finish which is needed with wood movement due to weather exposure.)
The advantage of using alkyd type resin instead of a polyurethane resin is that the alkyds are easier to repair. The poly's are really, really tough but one may encounter adhesion problems if additional coats are applied after the initial application cures out or if you need to fix a scuff or ding. I hardly ever use poly except with pieces that will be subject to heavy wear or direct liquid contact.
Oils: Tung vs. BLO: I use whatever is handy. Boiled linseed oil is less expensive and quite widely available compared to 100% tung oil. Tung oil will amber-tint the wood to a lesser degree, but by the time the amber-colored varnish is applied, I don't think you'll see much difference between the two oils.
Solvents: I prefer VMP Naptha or real Turpentine. Naptha evaporates more quickly; turpentine more slowly. I prefer either one over mineral spirits due to its strong smell - even the "odorless", which to my nose, isn't.
The factors to take into consideration are the odor you are subjected to during the applications and the evaporation rate. If it's cool to cold, the slower evaporation rates will slow the whole curing process down and drag out the time between coats. Naptha is a fairly fast evaporator - turpentine and min. spirits are slower.
Generally I use the Behlen's combined with boiled linseed and VMP Naptha. The mix ratio I favor is roughly 2 parts varnish, 1 part oil and 1 to 2 parts thinnner.
The amount of thinner is the most uncritical of all since it evaporates leaving the other two behind as the finish. Too little solvent though and it can be like trying to apply honey to the surface and too much solvent takes a long time to build sufficient film.
The mix builds pretty quickly. My technique is to rub and rub and rub the mixture into the wood and then buff with a soft cloth. I repeat the process a few more times with 24 hour drying times between coats and get a nice semi-gloss sheen which appears pretty tough.