Based on my experiences working as a surface coatings chemist for several years, Raw linseed or tung oil should be avoided, Boiled Linseed oil is fine for decorative pieces(those that never get wet) but will not seal wood against water. The finish will turn slightly milky when wet.
Spar varnish type products like true oil are linseed or tung oil that have been reacted with phenolic resin glycerine and acid, they are truly waterproof and probably the best for redoing a working rifle unless you have access to high end two pack factory sealers and finishes.
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