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@M_V
I've linseed oiled a frame, and would never do it again.
It's horrible stuff to work with, stinky and supposedly likes to spontaneously combust if left on rags. I also found it stayed sticky forever, rubbed off where my clothing contacted the frame and washed off where water was directed at it - front of bb shell and where the mudguards pass the seatstay, chainstays and fork legs.
Clear lacquer is too porous to protect from damp, it'll not be long before you get spider webby rust patterns forming under it.
Satin black powder coat will protect from rust, won't chip when you lock up, won't rub off on your clothes, won't spontaneously combust and for how long it'll last, is the cheapest option.