We did the 1948 red oak in our house with the Varathane rental sander, which is a 100 pound random orbit thing, and 3 coats of satin finish Varathane petroleum base urethane.
If you happen to ever try this, be very, very sure than no knucklehead has ever applied a coat of shellac at some point. The sander strips it and it turns into tiny diamond hard spheres which provide a near-frictionless interface between the sander and floor. This can happen in about 2 passes. You take the abrasive off, scrape off the shellac-balls, and continue. I got home with the sander at 10 AM, stopped sanding at 2 AM, and finished the next day. I think it took 20 hrs to sand the living room, dining room, and back bedroom. I didn't want to use a drum sander and take off .060" of irreplaceable wood and nice patina'd color, just give it a uniform scuff and some fresh finish.
I used a synthetic wool pad to put the finish on. The first coat looked nice, but the second wouldn't go on smoothly 'til I sanded the first coat with 120 grit on a 1/2 sheet sander.
It's held up really well for 5 years, but eventually I'll give up and drum sand the whole house. And in my experience, the petroleum based stuff is smelly for a couple days, but looks great for years, which is a reasonable tradeoff.