There are a myriad of finishes that will offer good abrasion and water protection for your project, but you'll be hard pressed to find one to prevent physical damage such as dings.
The Minwax tung oil finish will not provide a waterproof finish - Although it should offer good resistance to water damage, provided you clean the spill when it happens. Although I would recommend that you double the amount of coats of finish on the top of the table. Wipe on finishes have little to no build, and table tops need a little extra help.