BLO (Boiled Linseed Oil) is nothing more than an oil that tends to enhance a wood's grain and color.
Basically, it is an oil stain.
It needs 24 - 48 hours to dry, typically.
It is a stain therefore it does nothing to protect the wood...from anything...because it is a stain.
The next argument could be: Fine. BLO is stain...but WHAT KIND of stain? Is is dye or a pigment?
I'd say due to its penetration depth...which I think is deep...it should be classified as a dye.
Go for it.