Sam it will work if you only dip once. I have done it many times before. Just for your information, Danish oil is just a much of a concern as BLO. Danish oil is blo, poly, mineral spirits and some driers mixed together. Do not clump rags in a pile. treat them and all oil products with concern.
If you are looking for a matte, satin look then just do the Danish oil. If you want you can always add a wax finish. I use Watco satin polish on my projects all the time.
I am not sure how I can show you the shine you can get but here is a magazine rack that was dipped in med walnut.
Here is one in natural
All my shelves and mirrors are done this way. I only use lacquer on certain projects such as these watches.