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There's another post that's very similar to yours. I'd suggest you read that.
And yes, I've use Boiled Linseed Oil for a finish on walnut gunstocks, but the last couple I did were with Minwax's Antique Oil. Follow directions on the can and you'll get a very nice finish that can be easily repaired. However, that finish isn't waterproof (more like water resistent to the point of being mostly waterproof unless you sink the rifle). The Antique Oil contains BLO, mineral spirits, and varnish. It's a good bit easier to get a good finish with that than it is with BLO. The oil, be it Tung or Linseed, brings out the grain in the wood better than a straight varnish would.
And, you could use the Antique Oil (2 or 3 coats), let it dry for a week and then put a couple of coats of Minwax Fast Drying Polyurethane (varnish, which you can get in spray cans, and I recommend the Satin) over the Antique Oil. That'll make it waterproof, but will also make it more difficult to repair damage to the finish. Just apply the varnish, if you use it, a little at a time in thin coats so it won't run.
You may find that the Antique Oil looks good enough that you don't want the spray varnish. And, of course, the Tru-Oil is a very good suggestion also and it's similar to the Antique Oil but may give you a more durable finish.
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