Other than that poly, oil does have that smell and will take a good 24 hours to dry depending on the outside conditions. You definately need ventilation when appling this. Then too with its long drying time, lint and dust is the main issue which can ruin a nice poly floor job. When I do this I like the AC off, Heat off, and vents not working as they attribute dust. Then just the outside air has dust. Dust is a killer.
Poly oil also turns all surfaces a slight yellowish tint. Oil is durable and I think even more durable than water based even with multiple coats.
Water based does not yellow and drying time could be two hours for additional coats, clean up is great, odor is low, and no yellowing. If water, I would definately strive for three to four coats and remember any poly will not stick to itself with our light sanding scuffing up.