The missing ingredients for a complete TO are,
Supa fine ground glass and chemical dryers-(highly toxic)

Otherwise what you have here is a vauge copy of a traditional Georgian Varnish.. Albeit minus the careful cooking of the oils.

Not saying the recipe wont work, but it wont be a fast drying mix and it wont give a hard enough finish.
How do I know this? From twelve months of R&D invested into Dingotone.