Leather is best treated with preparations intended for leather, such as dubbin, or lanoline based leather nourishers and cleansers, or neatsfoot oil. Shoe polish is not a good preparation to use on old leather because of the drying agents in it which can worsen any cracking.
Wood treated with raw linseed oil is subject to formation of mold, but occasional rubbing with a couple of drops in the hand takes care of this. It is the unrefined solids in raw linseed oil that provide the patina.
A good fake hand rubbed finish can be achieved by using a gunstock finish like Birchwood Casey Tru Oil, lowering the shine with 0000 steel wool , and then hand rubbing with raw linseed oil. A genuine hand rubbed oil finish takes weeks of repeated rubbing to bring to a satisfactory finish, a faked up hand rubbed finish can be done over a weekend.
Neatsfoot oil is also the best preparation I know of for preserving tool handles.
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