If you want a durable, beautiful, hand rubbed finish, try Danish oil. Shellac is nice, but it is soft and doesn't like moisture. A hand done oil finish is something to see, but it takes time. Here's the procedure, if you want to try a sample block of wood to find out if you like it. Use a hard rubber block for all flat surfaces, a soft foam block for all curved surfaces).

First coat is the "mud" coat. With 220 wet or dry paper (black, automotive type for wet sanding), use oil and work up a good "slurry" of oil and wood fibers on the part. You must use enough oil and elbow grease to make a soft paste. This is the coat which fills the pores, so make it thick enough to stand on the wood until dry. Don't wipe it off and let it dry completely (water heater closet or furnace room in winter).

Second pass is to knock down the surface you worked so hard on the first time (320 w/d). Use enough oil to "cut" the old finish down and level the parts off. Any small spots or dull areas are old oil and wood, take them off completely so the surface is uniform, smooth and shiny. Wipe this second coat off and put part(s) up to dry again.

Once dry, do another pass with 400 and oil. The idea behind this masochism is to progressively sand down the wood's surface to a finer and finer sheen, like an automotive finish done with progressively finer polishing compound. Wipe and dry (completely dry).

Now do the whole thing again with 600 and oil. You should have a surface in which you cannot see any open pores or scratches with the naked eye..Wipe excess oil and dry as usual.

Final coat is a very light coat applied with the hand. Here you want just enough oil to fill the invisible scratches from the 600 and give a sheen to the wood. It will not be a mirror finish, but it will be "in the wood" and should be a deep, even, smooth luster, unlike anything you have seen. Dry.

This is a fine finish, but it takes time and requires a lot of work to do well. It is surprisingly simple and quick once mastered, but don't be in a hurry. Shellac sits on the surface. Danish oil impregnates the wood fibers with a watery varnish penetrating action and seals out moisture by giving the water no place to enter the surface.