software

I was thinking of building a tele or a strat when my cash builds up again, and i dont want to toil over finishes, etc. What's the most durable oil finish that produces somewhat of a shine?

Go with a couple of coats of Truoil.

how does that work? Do you need to sand or prep? Does it look similar to well worn nitro finishes?

It's a polymerized oil,so it's simple like an oil finish but has added strength and durability through the polymers.
Basically it's a straight wipe/brush application.
Just read the can though,some oils suggest that you let them sit and buff off excess.
Each type of finish will have it's own sheen,so it won't be totally 100% in appearance to nitro.
You should sand as smooth as you can for any finish work.

Luthiers Mercantile has a fairly detailed article on applying Tru Oil.

I've had good results by hand applying the first coat, letting it set up for a day, then following the directions. My last neck is fairly lustrous, and I still have to apply a wax coat.

I've found Tru Oil quite easy to work with.