I have used Danish Oil on FrankenLab Experiment#2. As JimC notes it does darken the timber from the raw state, in a similar fashion to wiping it down with white spirits or Gum Turpentine.
You must use in a very well ventilated area, wearing appropriate PPE for working with solvents (P2 Filtered mask or Full Face ventilator)
I applied with clean lint free cloths, fairly liberally, wiping off excess in between coats. Depending on how thirsty your timber is, it may take a number of coats to build up and cover evenly.

It has taken probably 3 coats to get it where it is currently, which is a fairly consistent satin and I have not rubbed that back at all. The body was sanded to 400 grit before application.

You should always wear long sleeves, and appropriate gloves to keep the oil off your skin.
Oil soaked cloths should be wrung out, then laid flat to dry out in a well ventilated area. DO not ball them up and toss them in a corner or a waste bin as this becomes a serious fire hazard apparently.

Edit: I forgot to mention that TL body looks pretty cool, and it will look pretty schmick with an oil finish. Nice work!