Ryan, I have and its great. Works extremely well and has a tendency to last longer than linseed oil.
Actually Al, Teak oil contains boiled linseed oil (not raw linseed), a bit of varnish and a bit of tung oil. Didn't realize I would have to give a ingredient breakdown. Like you I have also worked more Teak in my time than should be allowed.
The tung oil I've used in woodworking dries with a sheen. Wouldn't that make it a little artificial looking when used on deadwood?