I should have pointed out as to soaking the wood that you do not keep it in the bath overnight, more like a few hours while using the scotch bright as needed to remove oils that surface. When the wood dries out it will have a dark look, when you first remove it sometimes blackish in color. Then you gently sand it, gently being the key work followed by steel wool.
For those who fear the bath method there is always
Brownell's Whiting Compound as well as other whiting compounds which will draw the old oils out of a stock. A Google should bring up a few great suggestions and videos on using whiting compounds. Remember the idea is to "draw" the oils out of the lumber.
For the curious I suggest starting with an old military surplus stock. Also remember the methods I have shown and talked about are aimed at older C&R military surplus stocks.
Once a stock is cleaned dings and dents can be raised (to a point) using a steam iron. My wife made me buy my own.
I have never had wood warp. However, I have only left my wood in the bath long enough to remove the oils. I am far from a wood worker but the tighter the grain the less the solution will penetrate. Good hard wood like walnut or birch have a tight grain.
One really needs to look at what they have on a case by case basis as well as where they want to go with it.
Ron