And clicking around, I found this. Seems interesting and worth a try.
A friend revealed to me the way to use Phil's oil on a chain. First, apply Phil's oil liberally. Then wipe of excess. Then (here's the secret!), cut the Phil's oil with WD40. Spray a little WD40 onto a clean cloth and wipe down the chain to remove excess Phil's oil. Just a little bit of experience will allow you to get the right coating with Phil's oil everytime. It works well in dusty conditions (the only conditions I really experience here), provides a much smoother and longer lasting chain-ring/cog interaction than I have previously experienced. The chain, rings, and cogs also seem to clean up easier than with other "dry" lubes. I use to reapply Boes T-shield every 50 miles or so, now I go about 100 miles between cleanings/reapplications with the Phil Wood Tenacious Oil/WD-40 combination (I like a smooth/clean chain).