The paint we have purchased is from Ottoson in Skåne, experts in linseed oil painting. They have a YouTube channel with lots of English-language videos about using their product, which is pretty impressive, since most of their production is in Sweden, with only a little bit in northern Europe.
I looked at all of their videos and this one seems to be exactly what I was thinking of for our house:
I contacted the company for a bit of advice and, through an email conversation, they agreed that the 50% paint/40% oil/10% balsam turpentine is the way to go. It should cover in one coat, dry quickly, and be able to be applied in temperatures as low as 5°C.
Although I have the paint already, we will have to shop for the oil and turpentine when we're in Sweden, before we head out to the house in October. More on that next trip soon.