Bill, just curious, but why do you use raw linseed oil? Is it better than boiled for protecting?
I've always used boiled linseed oil mixed 1:1 with turpentine & a dash of Japan drier to coat tool handles. Makes a much better coating than poly, IMO. I like the feel of it better. I was taught to use boiled because it dried better. I've never used raw, though, so I don't know. I think it would be pretty expensive to coat a fence in, at least the way I soak it into the tool handles.
I've used old motor oil on stuff before & it's a really good protector. Made a rabbit cage stand that sat in dirt out of cheap, SPF 1x3's & coated it liberally with the stuff. It was about 10 or 12 years in service before we moved & tossed it. Even where the boards dug into the ground with a good seasoning of rabbit manure, were still in pretty good condition. It's kind of messy though. Lean against the fence & you'd stain clothes for quite a long time.
For a fence, to really protect it, you need to get the preservative in where the rot sets in. That's the couple of inches either side of the ground line & where the boards attach to the post. Those are the bug infested, moisture retaining areas. I've never cared for face boards or caps because they just promote rot, IMO.
If it were me, I'd probably go with something like Olympic or Cuprinol stains. They're pretty good & come in lots of colors. They also dry thoroughly, which motor oil doesn't. I think motor oil would be better at protecting at the ground line, though.
Jim