I did have one little trick on refinishing items that I didn't want to destroy the original color, didn't want to take forever sanding, or just wanted to touch up the look. Usually on old pieces that weren't antique, but were intesting but needed some help. I called this my recipe.
Equal parts of turpentine, boiled linseed oil and vinegar. Spread it out on the surface and scrub with extrememly fine steel wool. Wipe dry with cloth. Repeat if necessary. Buff when cleaned and smoothed to your satisfaction. You're done.
Your receipe is good, I use to use it than forgot if it was pure linseed oil or boiled. Thats when I tried liquid gold and its works great. Comes in spray or pour on...but your receipe works good too. Easy to apply, put in glass jar with lid so you can shake it up to mix well before using..