I do it this way too, except I wipe off the excess oil.I always stress not to use products that are not designed as a finish. Mineral oil is ok for things like cutting boards and such, but like lemon oil, it never really drys, possibly staining what ever the object it is sitting on.
The BLO/ mineral spirits mix will bring out the grain and color of the wood, but will dry in 24-36 hours. I usually apply a top coat of a spray semi gloss lacquer once the oil is dry.