I did some simple ad hoc experimenting with BLO and pure tung oil on cherry, maple, and oak. On even the more open-pored oak, penetration was only about 1mm. More coats and/or reduction would have no effect as polymerization of the oils at the surface of the wood would impede any greater penetration. Moreover, even if there were deeper penetration, it would have no significance in either performance or appearance.
My conclusion was that a film finish is superior to a drying oil and could be manipulated to produce any desired combination of appearance and durability.