Just to add some alternative thoughts here...
I only use "boat soup" on the outside of the canoe...never the inside. The inside gets multiple coats of high quality varnish....Rushton occasionally used shellac as a first coat and I've done that on Rushtons..the shellac soaks in quickly and gives a bit of color to the wood. Generally when using spar on the inside I thin the first few coats and then follow with 5 or six coats of varnish. I use a good quality gloss varnish and often finish with satin over the gloss. The satin typically does not offer as much UV protection but makes the boat look less "worked".
If you are going to paint the outside of the hull with a turp/linseed oil mixture be sure to heat it before you apply it. If you search older threads here you will find some recipes that are used by other restorers... I blend linseed oil, turpentine and mineral spirits and carefully bring it to a near boil before I use it. I have heard of folks adding varnish but I do not. I want the oil to penetrate and then "set up" ...which the mix I use does. The mix of oil and turpentine without heating it is one I have used on old furniture and it's often used by folks that restore antiques...
The hull can be faired. or not. It's your call. Does it need it? How smooth is it and how smooth do you want it to be? The canvas and filler will mask quite a few imperfections but they will not hide a planking seam that stands proud. Fairing is not always filling. It is often just sanding, or sanding and micro planing or filling, sanding and planing.. What is required depends on the condition of your hull. If you choose to use a faring compound be really careful how you use it. It can be as hard as nails and hard to remove if you use too much or get it jammed between the planks. You need to be very careful sanding down the fairing compound. The adjoining cedar is very soft and easily damaged if you sand too widely.
WRT stains...usually hulls are not stained...except perhaps to match new wood to old where you have replaced ribs or planks. It's a real art to get it right.
The stain exception are Morris canoes. Morris did stain to get color match in the mahogany he used. You can read about Morris canoes here on this site. There is a stain blend provided that you might try on a Morris.
Try searching this site for more information. These are topics that have been hashed over quite often and responded to by many very experienced members, far more experienced than me. Good luck....