good to hear your install is going well ...
sorry if i missed it in a previous post, but are you putting the planking over your drywall or on top on insulation(mineral wool?)
mineral spirits will wipe the wood just fine, they will evaporate and leave little if any residue..... but if it is just dust, how about water
Tung oil dries hard to the touch, it does not remain oily... it is very similar to a very thinned down application of polyurethane, you will have no trouble if you decide to coat it with another oil based finish in the future.... in fact, many projects i do i use tung oil (or danish oil) to bring out the beauty of the wood, and then ill top coat with polyurethane.
2 coats of tung oil will do you right, with just 1 coat, on pine, you might notice a difference in the sheen in some areas, but with 2 it should be relatively even.
Hanging your bass traps off the wall should also be no problem, in fact it should help to trap more bass!
gl!
