Salad Bowl Finish
For the bowls I keep around the house for general use I do almost exactly what you are suggesting. The finishes don't last past a dozen uses, but they are easy to refresh by wiping with oil followed by an optional rebuffing. Every couple of months when I feel like doing something in the shop, but I don't have the inclination to turn anything, I grab a cardboard box full of bowls and spend an hour cleaning them up. You never get the scratches from use out of the piece, but I think these little nicks and scratches add character.
I use several variations of the plain oil/wax finish for utility pieces. All start with sanding the piece to around 400 grit. I sand on slow speed so as not to burnish the wood and inhibit the finish from penetrating. Most of the time I make four or five coats of pure tung oil over a week or so. Then wait for the bowl to be dry to the touch, then go through the buffing process.
I finish with a very light buffing of the carnuba wax. I do not have the expectation that the wax will offer any long term protection, I do it just so it looks nice when it comes upstairs. By light buffing I mean I buff without adding additional wax to the wheel, whatever is left on the wheel from previous uses seems to be enough to give a little bit of shine. After a month or so most of the carnuba wax seems to be either gone or disappeared into the wood. If the wax is really gone you can do a very light coat of tung oil, let dry, and then rewax. There is also absolutely nothing wrong with leaving off the carnuba wax entirely, the tung oil offers excellent protection and turns into a really nice looking finish the longer you give it. The tung/carnuba finish seems to work pretty well for me on porous woods.
My next most used variation is skipping the tung oil and using a non-drying oil like mineral oil or a walnut oil based product. When I use a non-drying oil I typically skip the carnuba wax. The non-drying oil finish is really easy to refresh, I have a little bottle with oil in it on the window sill over the sink, after a rinse with warm soapy water I dry the piece and wipe with the oil, that is all it takes.
Jeff