<font color=blue>I am still leaning on painting it with marine polyurethane. </font color=blue>
RichZ - I've enjoyed reading (most of) this thread, but I'm knd of surprised that no one seems to have mentioned the obvious. Polyurethane, though a great sealer, is just that....it seals the surface and does not generally hold up well to UV rays. Oils, on the other hand, will penetrate, filling the wood's cell voids and help stabilize the wood, thereby protecting against sun's rays, moisture, etc.
Alternatives to motor oil if you choose, abound....Linseed oil is probably the most common...there are several commercial blends of so called penetrating oils such as "watco" that claim to be better and supposedly go deeper. A lindseed oil and tung oil blend will serve you well, but is a bit expensive.
I try to be as sensitive to environmental issues as the next guy, but personally would not hesitate to use motor oil on old dry wood in an application such as this....it will act as a sponge and soak most of it up It is arguably a better way to get more "life" out of the oil, extend the useful life of the wood and beats most alternative disposal techniques for the otherwise spent oil.
I'm don't claim expert status, but I did spend fifteen years making my living working with wood....for all those years I swore by oil finishes and would not go any other way for furniture or especially for wood floors. Re-coat every year or so...