I read somewhere that paint thinner is pretty good for chain rinsing, I use a spray bottle to clean off residue and excees dirt and oil.
I then mixed the oil with paint thinner 3:1 this seems to improve penatration of oil and when you wipe it off removes excess oil.
Any thoughts would be appreciated, I also read that chain saw bar oil is pretty good bike oil
This subject has been cussed and discussed in many many threads. What you have suggested is a typical "home brew" that is very popular with cyclists. The most common formula is 4 parts mineral spirits (paint thinner) to 1 part Mobil One Synthetic motor oil. Your formula is slightly thicker and may gather a bit more dirt but should be a very effective chain oil. My formula is somewhere in between.