Allan, that probably a wise choice, preparing oil yer self for finishes is a real art/science. Boiling, blowing or making a stand oil can lead to expensive mistakes.
As far as coat time between coats, that again is a bit of a science/art. Like making didjs a lot of this in feeling and intuition, the world is not euclidian, use the force... understanding the basic theory and then feeling it out..
Basic theory -The reaction a dry oil goes through starts with the formation of long chain/hair/strand like molecules, in time these molecules interlock side to side. In terms of layering coats this side to side becomes up and down. So the ideal time is one which this side to side bonding step in the reaction still has the potential of taking place. In this manner you end up with one thick cohesive mass and not a bunch of individual layers.
In regards to working with walnut... Walnut is a very porous wood. Getting a smooth consistent finish with porous wood is tricky and can be very time consuming with the use of oil finishes. You might want to look into he use of pumice and rotten stone. These are sort of staples of oil finishing in the furniture world. You might want to check yer local library for any such books on wood finishes/finishing. I had a copy of "understanding wood finishing" by Bob Flexner for a while learned a lot from that one.
as far as any suggestion in the application.... I always finish with a temperature drop. Afternoon, as thing are cooling off is a good natural way to achieve this. Or move project from attic to basement. This pulls finishes deeper into wood on penetration coats and prevents bubbling in the surface coats. General rule of thumb i follow is a movement up the spectrum, from thinned to not thinned. Penetrating coats followed by several thin build up coats. 50% 50% mix is probably about the max you want to go. If my solvent is not very expensive i sometimes do a straight solvent treatment to prime the wood(clean out dust and open up pours). Rubbing alcohol is a cheap way to clean and prep wood...you just want to be sure it's all evaporated before you start in...the solvent is good cause you know it wont conflict with the product. .....a bath of 50 50, then a 40 60 coat, then 30 70, then 20 80, then 10 90, then just the straight stuff. with each step i would do less and less aggressive of a coat. From flood to trickle.....

p.s guys a great resource for learning on google books
"Chemical Technology and Analysis of Oils, Fats, and Waxes is a book" written in 1904 way COOL!

peace

The thing with a boat is that you don't have to kiss the hull everyday :D