Bill,
My bottle of Formby's is sitting at home on my computer table so unfortunately I can't check the label right now, but I used it to maintain my ex-Spoilers many times without ill result. Also, and I'm really stretching back across years here, I believe Mica may have recommended it to me.
Don't take that as gospel, though...check with the Mothership first, apply oil second.
Keavin, do you mean your bass doesn't have an oil finish like I've always assumed? I couldn't play my bass if it always smelled like chicken...I'd get too hungry to play!