Those linseed oil/turpentine formulas are interesting. Some years back, a noted furniture designer and craftsman gave me his formula for, what he called, "1,2,3 Finish". It's one part clear Spar Varnish, two parts Boiled Linseed Oil, and three parts Gum Turpentine. To that mixture he specified a "dollop" of hard paste wax.
I have used it on a lot of wood products and it works great. Also easy to repair.