Do a little research and you'll discover that the water resistance of BLO is a little better than a sock. Tung oil is a little better than that. Urethane-modified oils (TruOil, Permalyn, ProCustom, BenMatte, Waterlox, etc, etc, etc) are considerably better. Straight urethanes and lacquers, though they may have there detractors, are pretty much impervious to water.
If it hangs on the wall, BLO might suffice. If it gets handled/hunted, it will require constant retouching.
I like better living through chemistry.
