I prefer to use first,
oil, second,
varnish, and third, some of the high tech finishes like Cetol.
Oil is fine, but requires that you re-apply often. If it is in an area that will see wear, and dirt, such as a
cabin sole, oil would actualy be a good choice because it is easy to clean and re-oil. Varnish is slippery when wet, so it is not ideal for walking surfaces, but some of the polyurathane finishes are less slippery. I would not recomend using oil, then poly.