Steel wool does have it's uses and is often the last step in my refinishing projects, sometimes the first and only step. If I did a deep cleaning with some sanding, I'll use steel wool to shine it up between coats of BLO. If I'm not doing a deep cleaning but a light cleaning, I'll use steel wool soaked in BLO
to get the old grunge off.
It does however have it's problems and it would not be practical on this particular stock. It's too rough and the wool fibers will tear out and imbed themselves into the wood splinters. This may be the case even after sanding just because of the condition of the wood. The oil saturation may have made it too soft to get that good shine on it.