When oiling wood, for spoons, or cricket bats, it tends to soften the wood. Its not boiling the wood in oil, and only penetrates a shallow amount. I would think boiling a stave in oil, the oil would penetrate more comprehensively.
Hilary Greenland in her book advises against putting linseed oil on bows as a finish. I can't remember the exact words she used, but I think it caused more stringfollow, less performance. Linseed oil takes along time to cure properly.
It might be worth a try, but I think it would be unlikely to improve performance at all in a finished bow. An interesting experiment, but expensive, dangerous and too much effort for me personally even if it was successful at increasing performance.