I'm also interested in ways to finish lyptus. I like that wood! I'd
planned to try several finished on a piece of scrap as soon as my
garage-turned-workshop gets above freezing....or maybe above 40 degrees
F since most finishes say "above 40 degrees F".
I'd planned on trying
Tung oil with a paste wax top coat
Waterlux Original
Shellac
I did a search in rec.woodworking on lyptus and found many hits. After
a quick scan, I hadn't found any comments on finishing it......
I also did a google search with keywords "lyptus wood finish" and found
several. For example, look at the bottom of this web page:
http://www.marshallfurniture.com/catalog/woods.html
Another interesting page, which mentions lyptus but only has one
sentence on finishes, is: http://www.plesums.com/wood/choosingwood.html