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Linseed oil was the original rust preventative for iron and steel. Id dries hard but has a tendency to yellow. I still us it on antique gun stocks. It gives them a nice finished look but it takes a long time for it to completely dry. Linoleum flooring was made from linseed oil a long time ago but I don't know if any company still make any of that stuff.
I haven't had to repair an aircraft tube frame for some time but we used to drill small holes in each new tube member after welding and pour boiled linseed inside. Move it around to get a good coating then drain any excess. A drive screw was used to seal the little holes up. They won't rust if it's done correctly.