There's a popular gunstock finish known as "Lin-Speed" that's almost that exact proportion of BLO and Mineral Spirits. Linseed oil oxidizes and hardens into a durable finish on wood- - - -don't know how it will react to paint, metal, and rust. Be sure to store any leftover linseed oil in an airtight container with NO air space inside. I store my gunstock finishing oil in a tightly capped glass Mason jar, and add marbles to the container as I use the oil to keep the surface of the remaining oil level with the top of the jar.
Precaution #2- - - -soak any rags you use during the job in water, and dispose of them in an airtight zip-lock bag. Linseed oil and open air storage of oily rags can result in oxidation of the oil, heat buildup, and spontaneous combustion.
Jerry
