When I did it, I let the oil sit for a long time(few hours) and wiped it off. It won't soak in like a sponge or something. Maple is real tight. I have to caution you that the shaft turned yellowish in an antique-like manner, I liked the look myself, but you might not. Also I did take off the protective varnish that cuemakers put 3" from and to the joint. I think it looks ugly.
And there are many grades of linseed, and I probably used a cheap grade(from a hardware store). After the whole process was done, I felt the shaft was too sticky in the way that a varnish will do, so it took a year of polishing and rubbing to wear the stickiness a bit. Still, I recommend you contact people who are conversant about the subject(woodworkers not cuemakers). I also know of people who would constantly rub their shaft with their hands because the body excretes natural oils.