I have built two necks from oak, one finished with water based lacquer and one oil finish. The oil finish really let you feel the grain and might not be for every one, but I think that it’s OK. It brings kind of a rough feeling to the guitar, and that IS a rough guitar. If you go for the lacquer finish, be prepared to do a lot of grain filling. Its much like ash, really sucks up the filler and lacquer.
What about the sound then? It is somewhere in between maple and mahogany. A little less high than the maple, but a little faster response than mahogany.
The look? Quite boring if left unaltered, but for the back of the neck OK. Wouldn’t use it for a body, though. Its WAY to heavy to build bodies from.