If you're planning to re-season an old pan, easily the best way of stripping off old crud is caustic soda. Leave the pan in a bath of caustic for 24 hours, then scrub with wire wool.
Voila - a clean iron surface. Use rubber gloves, and wash off any splash with lots of water - caustic soda is nasty stuff.
I use flaxseed oil. It works. Unless you have an awful lot of pans, your small bottle of flaxseed oil will only be 10% used by the time it goes rancid; swallow the cost.
I've tried this on a goood carbon-steel omelette pan. The result was mixed; a grubby-looking polymer layer that comes off in the wash, but a pan that still works well, and has reasonable non-stick properties. I suspect that with carbon steel, the oil only needs to get into the pores in the metal, and doesn't need to form a layer on the surface at all.
But my best experience has been with cast iron: a mexican comal, to be specfic. I stripped and seasoned my comal about 8 years ago, and the finish is still flawless.