Even if it worked, what's the point, when there are anti rust sprays out there ready to use that work even better ? If LPS3 or Boeshield seem too expensive (8 to 10 bucks per can), CRC makes one that seems to be like LPS3 for about 5 bucks a can.
Or is it you just like the idea of conjuring up your own "brew" under the delusion that you're "creating" something unique ?
I think the point of it is that they are totally different "products".
1) The linseed etc is fairly effective for longer term on weathering sufaces. The boeshield I understand is pretty much for protected surfaces, while LPS is an oil only, and leaves no particularly hard protective material.
2) it can be applied to an already rusted (but dry) surface, and will prevent further rusting, leaving a protective skin. The Boeshield is best on a clean surface, and the oily products are limited in their staying power.
3) the linseed etc is economically effective for larger areas. You can afford to slush fairly large objects with it. The Boeshield is pretty expensive.... "specialty stuff" yah know..... The LPS I don't know about, but I would suppose it is competitive in cost with the libnseed, area for area, but probably less effective long term.
The linseed treatment is really somewhat like "paint". Boeshield is a wax, and the others are more like oil treatments.
Surplusjohn....
Linseed, and other "drying" oils that have available crosslinking sites on the molecules do have a "hazardous polymerization" issue, and can spontaneously combust due to heat build-up. The reaction is exothermic, and if the rag is wadded up it can reach ignition temps.
It doesn't take much, one wadded rag is enough in a warm area. Definitely a good caution.
I don't think turps can, it is fairly volatile, and I am not aware of it forming a polymerized material before it evaporates.
Many vegetable oils will eventually polymerize if left out long enough also, but they as a rule won't do it fast enough to build up heat. Otherwise one would mix up paint with Mazola.....