Early Lee Metford and Enfield rifles were finished with a slow rust blued barrel and an oil blackened receiver, bolt, nose cap and barrel bands.
Most of the other fittings and screws were oil blackened too as part of their manufacturing process.
I use this method to blacken small parts that will fit into an iron pan with lid. Largest thing I did was a one piece revolver frame and barrel. Very unscientific. I put a piece of mechanics wire on each piece to help me pick them up. I bring the pan up to temp for half an hour on a Coleman stove and then sit the polished parts inside on an iron plate, I put the lid on and start the stopwatch. I time exactly ten minutes and then pull them out and drop into used motor oil. I wash and scrub with soap and water then do it again until I get the black I want. Not sure as to the temperature reached, but the polished in the white metal parts are barely a straw yellow when I pull them out of the pan. If I get them too hot, the blackening will take on a dark purple tinge, which I have seen on production guns..
Possibly one reason not to oil blacken a rifle barrel is that it needs to be heated and cooled evenly to prevent distortion. Get it wrong and you will wreck the barrel by warping it. Destroy the heat treatment of the receiver, soften it or make it brittle..
Like any 'real' finish, surface preparation makes all the difference. Oil blackening although tough as nails, is not very thick and hides no surface defect.
So if you are game go for it. Do your research first on heat treatment and tempering. Just stay away from those temperatures and you will be golden.
Figuring out how to control the temp evenly and how to measure will be the challenge.