Linseed oil as rust preventative?

My grandfather was a body man in the 20s. they made their own black paint from turps, boiled Linseed oil, and carbon black. Try to get that off an old T body.

 

Ive used it in the past for preserving the patina/og paint. Takes about a day to dry...stop the rust and gives it a dark color and makes the OG paint shine real nice. Europeans use a similar product called Anchor Wax. It wears off in a short period of time.