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Help!

I am refinishing the old wide plank pine sub-floors (147+ years old) and have had a number of flooring guys come in to give me quotes and talk about the refinishing process. Needless to say, I have received a number of different views on process, timing and products to use. Some time frames seem very aggressive (start to finish – done in 4 days!) and I’m more interested in getting it done RIGHT opposed to fast. Inconveniece is NOT an issue.

The Brownstoner community’s input in greatly appreciated!!! I’m sure someone else has gone thru this too!
Thanks!!!

General refnishing process:
Repair
Sand
1 application of stain
Wait till stain dries
Apply sealer
Wait till sealer dries
Apply 1st finish coat, light buff, apply 2nd finish coat, light buff, apply 3rd/final finish coat
Rejoice!

Questions:
How much time should I allocate to let the stain dry? I plan to use Minwax Jacobean or Ebony.
Is a sealer necessary? Or does it depend upon the stain/brand that is used (i.e. already has a sealer in the stain)? If so, how long till the sealer dries?
Which is better – water or oil finish? I’m interested in durability and look, less concerned about the smell. I’m going with a satin finish.