It'll look fine. There's nothing new or novel with using oils to shine up
paints, plastics and leathers. The oils do collect dust, so it doesn't last as
well as wax. Though if you put wax over the oil, it keeps the appearance up
longer. Just like oiling and polishing your boots. It's pretty, but it is
short term.
If it'll make you feel better, one of the Jaguar sites has this in a FAQ.
Works especially well with faded paints. Oils are what is in many of the faded
paint restorers btw. That's why so many of them don't require elbow grease.
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