Hi Guys.
I want to share my experience with the mixture.
The process of creating it was exciting for an office dude like me. And for security purposes i would recommend you have someone to give you a hand.
In my case it was my dad.
Its not difficult by any means, and i think i am able to do it on my own now, but the respect for the hot flamable liquid was quite tangleable.
I mixed the lineseed oil and terpentine replacement in a cleaned out can and added the wax. The melting procedure on a camping stove took about 5-8 minutes i would say.
I decided to leave it in the can to harden and not pour it into a glass container, even though that would surely look better. The cooling was surprisingly quick. I was able to use the resulting creme after about 4 hours.
Now the interesting part:
It does work ! And the resulting finish does feel very smooth. As suggested i added ample of the material in the first go and then used a clean cloth to work it into the surface. It did feel sticky right after applying it, but letting it rest over night the surface was quite pleasant to the touch. I wiped it again with the now semi clean cloth and called it quits.
The verdict:
For roughed up wood i would whole heartedly recommend the mixture. It seems to close small pores and gabs readily enough.
For already fine and polished wood handles.... i don't think you gain much over a pure line seed oil rub.
Still its a handy asset for the tool shelves and hey.. its quite cheap and homemade

Certainly something not everybody has.