It sounds like it is like Teak or Danish oil finish. Will be that more durable? That small amount will probably go a lot farther than you think, if I remember correctly it said only one coat was necessary. That is where it loses me, but also intrigues me for field grade calls one coat would be a miracle, but for fancy calls it leaves me out.
I wouldn't worry about the warning, that is standard for any oil finish even BLO can start a fire if used rags and brushes are not stored properly. It is common knowledge to seal it in an air tight container, although I am sure there are fires started everyday by improperly stored oily rags.
Marvin