+1 on placing BLO rags in a very safe and non combustible place when you're done using them (I should have mentioned that and thanks for covering that PM1973). I'm sure better stuff is out there. BLO is something of an old method, and has been used for years to coat the innards of steel airframes (not that they get submerged all that much I suppose). In some situations, you want the stuff to cure. In a bike frame it probably does not matter if it cures. I just happen to have several containers of BLO and similar stuff from back when I was trying to find a magic elixir to keep my skin on frame kayak frames preserved.