Red oil is just that, a red oil.Not the finishing oil.
Apply Red oil until the colour is rich enough as you would like.Remember subsequent coats of oil may/will darken the colour you now have.
Driers are added when you are making your finishing oil normally about 5% of the total oil, sometimes measured in teaspoons and 2 teaspoons is the normal quote per pint.Venetian turpentine is also added at the brewing stage.
Incidentally I have just uncovered 2 more old recipes and both mention adding vinegar.
Keep on brewing and let us know of successes and importantly your failures.
Incidentally what do the Guilders use for their exhibition pieces?