I do not think Boiled Linseed Oil (BLO) is supposed to "build layers" on top of the wood - I think it is supposed to soak into the wood and do it's thing in there. I think subsequent layers simply soak through pre-existing layers - so not likely to "cover" or "fill in" any blemishes, either.
Unlike a varnish or paint that lays on top of the wood.
I have used BLO a couple times - first was on some NOS beech stocks from WWII - I did not have guts to heat up a vat of that oil, as was done by British in the World Wars, so I cut it with about 50% turpentine, and made up a "soaker tube" out of 4" ABS pipe - glued a cap on one end, set the various wood in there, filled it with the 50-50 mix, put a temporary cap on top end and promptly forgot about it - I think 4 or 5 days later I noticed it - pulled wood out and "drip dried" and tried to rub as much off surface as possible with a piece of terry rag - did not want any left on the surface - only what would soak into the wood - pieces were suspended on wires in garage overnight - totally hard and dry the next day - I think that one got a few more coatings - maybe a couple drops of BLO each coat - rubbed in hard with bare palm of hand.
The second one was a re-build M1917 from WWII - the stocks were three different colours - three different purchases - so first was 50-50 mix of a MinWax wood dye and BLO - that got two of the three pieces looking similar - sloshed it on thickly - dripping wet - left it like that maybe 5 minutes, then rubbed hard to get as much off the wood surface as I could. The third piece took a second coat of that dye-mix to get to similar colour as the first two - same process used. Then, once to my satisfaction for colour - went to straight BLO and a few drops at a time - hand rubbed in hard onto the wood stocks - was four (?) coats done like that - was hung to dry overnight between coats.
I think original linseed oil was RLO - Raw Linseed Oil - you can buy it in Health Food stores - it is just flax seed oil. There was a process to "boil" it - however, I think "modern" BLO is no longer boiled - it likely has chemicals added to speed up the drying process. I was advised to NOT attempt to build layers with Linseed Oil - at most, perhaps molecule or two thick on top of the wood - is how I was doing it. You might find that linseed oil will interact with oxygen in the air and go darker over the years. There are some WWI P14 and M1917 stocks here that are nearly black coloured - were not made that way - I am pretty sure that is the linseed oil, plus oxygen from air, plus sweat from hands, plus grime from combat.