I'm much less scientifical...(is that a real word?)

I use a general shape template I've made for a slightly flat-sided neck, and go at it with a big ugly rasp until I get within about 1/8", when I switch to a fine rasp. Both are large, twelve inch files which I find help to avoid uneven lines in the work. At about 1/16" from home, I switch to Swedish steel furniture scrapers...these guys can still remove stock at a good pace, but produce a nice smooth finish. How smooth? I can go direct to 400 grit sandpaper from here, then to 600 etc. I also find that the scrapers do a nice job of removing feathering in the surface, making the first coat of oil a very smooth finish right from the start. From here, I use at least 600 grit as soon as the oil sets up, sanding to fill the pores in the wood, then another coat, etc. until the neck is so slippery smooth that you question whether you can hold the guitar by the neck.
There are probably all kinds of better ways, and faster too, but this produces what I look for in a guitar neck. Oh, in case you haven't guessed, I never use high-gloss lacquers etc. My hands sweat, buckets, and the liquid somehow turns to gum on a lacquered neck; with this finish, I can sweat all night without sticking to the guitar.
