Frank,
A hand rubbed finish is a very qualitative description but, for the pieces I build I sand the bare wood to 180 or 220 grit (if I sand at all because if I plane the boards that finish with a tiny bit of card scraping is all it needs).
I dilute shellac flakes in alcohol and wipe the wood to seal it and this step is very fast since I dilute the shellac very thin. I use a hand rubbed Minwax Wipe On Poly but, not like they suggest. I use a soft cloth to wet the wood with the Poly and wipe it dry. I recoat in 3 hours and again for the third coat.
If I get sloppy and there is too much finish on the wood, I use the Platin up to 4000 grip to give me a smooth hand rubber finish with the protection of poly.
Jack