A brief update...

I have some squirt cans of Ballistol (16 oz metal bottles), one was empty for practical purposes. I refilled it with this oil, and it seems to feel about the same as the ballistol, and now smells like it. Given the usage, I think it will suffice as that.

Since I'm just experimenting around with this, I also did a little searching, and came across "choji oil". Used to wipe down katanas. Mineral oil and clove oil. Seems like it would be acceptable to use on pistols, so I put a couple drops of clove oil in this stuff (the basic premise is really just to give it a smell). It does make using this as an oil a bit more pleasant, scent-wise. Shouldn't hurt anything.