Lemon and linseed oil work in different ways. Linseed oil is part of group of oils that are traditionally used to produce furniture finishes. They soak into the wood surface, then, as the oil dries, the oil molecules interlock and form long chains (polymerize) which results in a hardened surface finish that protects against scrapes and moisture.
The problem with linseed oil is that you need to put it on in many very thin coats over time so the polymerization happens at and under the surface of the wood. If you allow it to build up on the surface, it can make a sticky goop on top of the surface.
Lemon oil doesn't polymerize or form a hard surface. It supplies oil to the raw wood surface and helps clean the surface without leaving a build-up. But other than a temporary oil coat on the surface, it doesn't provide any other protection to the wood.
I don't think you want to use linseed oil on a fretted fingerboard - you won't be able to clean out the joins between the fingerboard and frets and get gummy dirt glop there. The last thing you want to do is capture dust and grime on your fingerboard. Using lemon oil will help keep everything cleaner, so that's probably why it gets a recommendation.
Ebony and rosewood are preferred for fingerboards because they have very high natural oil content and are well suited for the rough life of a fingerboard in their raw state. So, putting a tough finish on is less important for an ebony board than if it were maple. If you were finishing the BACK of the neck, linseed oil would be a much better choice than lemon oil.
I don't think you need to worry about spontaneous combustion with a can of linseed oil. But if you get the oil into any kind of mist or on soemthing which has a lot of surface area like a rag, it's easy for it to light up.
David Fung