It's a natural animal oil, so I'd be a little wary of it. Open the can and make sure it's still thin liquid and doesn't stink (neats foot has it's own scent, but if it's ruined you will know it).
Mink oil works well for boots, but it can cause a leather sheath to lose it's stiffness after a while. On boots and other leather goods, this isn't a problem, but on a pouch style leather sheath where your retention is in the ability of the leather to stay stiff...a soft sheath can cause issues. Now, if your sheath has a strap, or its a folder sheath with a button top...you shouldn't have any worries there.
I am anxious to try Sno Seal. I have also heard many GREAT things about Montana Pitch Blend.
What I currently use is a mixture of paraffin, beeswax and neats foot oil (not compound) heated in a double boiler till melted and mixed. Then I take my sheaths and put them in the oven on the lowest setting till they are quite warm...if it's too hot to touch, it's too hot for the leather. I take them out, and liberally brush the hot wax/oil mixture on the sheath and down the inside. The hot leather will draw this mix into it. Add more till it looks like the leather isn't drawing it in anymore and let it sit. Once the mix cools you can wipe off the excess and buff the sheath. It gives a soft, matte luster to the sheath and also hardens it in the process. Also, it will turn water like a duck's back!
