I don't have any experience with olive oil, but the research done some years back and read to the Ameircan Institute for Conservation (conservation-us.com) showed that linseed oil, in time, blackens wood irreversibly.
It leaves a great finish on gunstocks, but in time it degrades and damages the surface.
On ethnographic materials I would not use any oils. A light wax, if anything. Renaissance Wax has been the go-to for museums world wide for decades and has proven to be the most benign and is easily removable.
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