There are various versions of that recipe. The basic formula is 1 unit of a commercial finish (lacquer, shellac or varnish), one unit of solvent for that finish (lacquer thinner, denatured alcohol, or mineral spirits), and one unit of an oil (could be BLO, tung oil, teak oil, or pharmaceutical-grade mineral oil). You can find commercial version - PSI sells both a house-brand lacquer-based version, and several name-brand shellac-based products (Shellawax, Behlen's, etc). Turner's Magic is a lacquer-based product that is sold by several of the Canadian suppliers.
This is an all-inclusive finish. One applies multiple coats - it dries quickly due to the heat generated by applying it with the wood spinning on the lathe. As multiple coats are applied, the finish builds, starting from a soft matte to a soft gloss. You won't be able to get the glass-like high gloss that is associated with CA. My experience is that it tends to show the wood better than CA, and also leaves a tactile feel that is more like wood and less like plastic.
Versions based on shellac won't wear as well as finishes based on varnish or lacquer. Shellac finishes can be attacked by alcohol. Friction finish does not leave a hard shell around the wood like CA, so if the item is subjected to abuse, the wood will gather 'honorable scars'.
I like friction finishes because they are easy and quick to apply, and I like the look and feel of the final product. I have been using a commercial lacquer-based finish for items that will be handled to some degree - tool handles (including seam rippers), small bowls and cups that don't need to be 'food friendly', etc. I've typically used CA on pens, wipe-on poly for wine stoppers and other items that will come in contact with food, and a simple oil/wax on purely decorative pieces.
