I just picked up an Ibanez SR1600LE, and it has a very thin satin finish. I'd like to build on that to give it some added durability and depth to the gorgeous grain. Do you think I can apply tru-oil directly on this finish? I'l try to get better pictures when I get off of work but for now, this is the best I have.

It would work much better if you sanded off any existing finish first. Satin finishes have something like talcum powder in the lacquer to make the finish dull. True Oil over that might not do much to bring the grain out. Maybe try it on the back of the neck and headstock first.