Wow, thanks for the info guys. To Matt, the neck is maple, yeah.
Anyways last night around 6pm I put on a coat of the tung oil (which isn't pure tung oil btw), and I just checked it 20 minutes ago. The oil seems to have soaken in, except for some areas where there was some excess. Anyways it has a slight shine to it, but still feels like bare wood. I'm assuming that this is typical, seeing as how I only put on a single coat. I'll continue for now and see what happens.
(I scuffed with 320 grit sand paper before I applied the oil, and I noticed that on the top of the headstock, which I will probably finish with lacquer, and which is grain filled, there are little shiny splotches that seem to have been the result of accidental contact with the tung oil, so I'm guessing it will work out).
Another question just came to mind, how many coats would you guys recommend? I doubt the can I got will be sufficient.
edit: Another note to the exceedingly long post, I just put on another "coat", by using 400 grit sandpaper. At the same time I put some tung oil on a recently sanded down Jackson neck, using 220 grit and 400 grit, and noticed a huge difference in color immediately, however the Tele neck (the one I was originally doing) had very little change in appearance.