Hacksaw, I believe you can with no problems. I have never done a bow, but I have finished a gunstock with Formby's Tung Oil, it is beautiful (in my not so humble opinion).
The finish is dry and smooth.
The Fornby's tung oil drys pretty well, and I think it has hardeners in it. The boiled linseed oil has a slightly "oilier" finish.
You can apply either with fingers, cloth rag, or airbrush. I airbrushed, only steel wooling between several coats. In other words, air brush about 5 coats, with ample drying time, steel wool. 5 more coats, steel wool. I ended up with about 25 coats.
Last coat, no steel wool, but used rubbing compound and a t shirt. It ended up with a satin finish. Steel wool will leave it more matte if that is what you want.
Hope that helped. Dan