Applying oil to just the raised surfaces without it weeping over the edges is going to be difficult, let alone something funky happening while you apply the paint (the oil could move around). Wrinkle coat is still just paint at heart, and shouldn't be too difficult to sand. Depending on the intricacy of your raised edges, you could scrape the majority of the paint off with a razor blade held at an acute angle to the surface while the paint is still soft. At that point hard block the rest off, leaving a uniform grain and nice sharply defined edges. If the detail is excessive, using a razor blade may be labor intensive. If so, start with a course grit to knock it down to bare metal, then step up to a finer grit until you get to a graining of your liking.
Thanks for the advice...never thought of using a razor blade. The lettering's raised up a healthy amount and it's going on a crappy car so I have a little margin for error at least. Thanks...I'll try that!