Good morning, Dax ~
I use linseed oil for treating unpainted wood - like wading staffs and paddle and oar grips. On decoys, I use it to provide a base for oil paints - for my fancy "mantel piece" birds. I put on 2 coats to get a smooth, even base. Depending upon the weather - or the heat from the stove - even "boiled" linseed oil can take several days to fully dry. (If painting gunners, I seal with spar varnish instead - for a tougher finish.)
For thinning my tube oils, I typically use turps - a good quality artists' turpentine. Linseed oil can also be added to oil paints; it usually makes the finish more glossy - whereas turps flattens the finish. There is a whole world of mediums - mixtures of solvents, oils and driers - for painting with oils.
Traditional wooden decoys were sealed with "boiled" (not raw) linseed oil (boiled used to mean "distilled" but nowadays probably means that chemical drying agents have been added). Of course, in those days, paint was mixed in the shop, with lamp black, white lead, a handful of standard pigments, et cetera.
Hope this helps,
SJS