Please don't put it on anything you touch with bare skin. Used oil has a lot of chemicals from combustion namely benzene which can cause cancer. I know a guy that got leukemia which he believes was from used motor oil for many years.
Discussion
It’s definitely a risk/benefit analysis one has to do. I let my tool handles dry for a week or more before using them, and that’s after wiping down.
Have you considered boiled linseed oil for tool handles? Much nicer and it smells good too! That's what I use.
I have, both the chemical kind and the actually boiled linseed oil, Ballistol, beeswax, beeswax and Ballistol mixed together, don’t like any of them as well as oil and they don’t preserve like the oil does