I have done so with several variations, and made items like packs, full length gaiters, spatter-dashers, a small tarp to cover gear/woodpile, and a shelter.
I used latex on spatter-dashers (military half-gaiters) made of cotton canvas, and it worked well, but it's a modern product. So I didn't use it on any further projects.
I used out-of-the-can, boiled linseed oil on a shelter, and two packs. The shelter was painted without pigment, and it took two weeks in high summer in the shade to cure and avoid spontaneous ignition. The reverse side took less BLO to cover and took another two weeks. It worked quite well. The shelter was made from cotton canvas painter's tarp. It was a tad heavy when done, but useable. A smaller piece, leftover from this project, was also painted, one side only, and used to cover boxes when going to and from events as a rain guard, and to cover the woodpile at events to protect from rain.
The first pack I only painted the outside. It was made of fustian (cotton/linen) It took two weeks to cure, and never cured 100%. It was just a tad sticky in the hot summer. I was told that either I had to mix the BLO with a commercial, chemical drier, OR mix it 50/50 with turpentine.
Also in both cases, the shelter and the pack darkened over time as the BLO aged. The canvas shelter and the fustian pack were nearly white. When first done they were a manila folder tan..., then over time they went medium brown.
The second pack I did with a 50/50 BLO and turpentine mix. WHEW that is 100% a stinky, outdoors only project. Took the same amount of time to cure and for the pine [strike]scent[/strike], ..fumes..., to dissipate. That too darkened in color over time, but did completely cure, and was lighter by a few ounces.
I used a commercial oil based paint with black pigment to do a pair of full length gaiters made of cotton canvas. I used Rustoleum. MISTAKE. Rustoleum has a lot of extra chemicals, a lot of which are "driers" to hasten the curing process. What I ended up with was very stiff and where it creased as I wore it, created permanent creases and wrinkles due to the stiffness. These in turn rubbed against my ankles and at the back of my knees causing irritation and blisters. I'd advise mixing your own pigment with BLO to create a colored paint, if you need coloring, instead of a modern OTC oil based paint.
In the Spring when temps have gotten warm enough, I will be using 8 oz. linen, in a natural color, and making a new shelter piece from that. It will be two pieces sewn, and will be 8' x 8'. My trekking buddies and I are trying an experiment, looking for the smallest size that will work for a solo person, and also a set-up that will work with combining a two or more of the same size. I will probably try the 50/50 turpentine/BLO mix.
LD