Boiled linseed oil mixed with iron oxide is a classic recipe for "oilcloth".  It was a staple for water resistant outerware for ages.  I remember being told once why they added the iron oxide, but for the life of me I cannot remember why.  Just remember that once you have treated canvas with any of these conpounds, beeswax, turpentine, oil, whatever, you have added an accelerant to a flammable material.  
Many an oilcloth shelter has gone up like flashpaper in a furnace when a candle strayed too close!  It's the reason why many rendezvous specifically require WHITE CANVAS ONLY in camp.  Yes, oilcloth was very traditional and period correct...so is dying tragically early in a horrible fire.