Personally I wouldn’t want this. So if you just kept “oils” as the base, and could apply it to armor, jewelry and weapons, that’s a total of up to 11 items to apply oil to depending on class. That’s 11 oils I have to constantly click when I want a particular buff or affect on my gear. Yea that’s not happening.
Even if you split it up to have something like Polish for Armor, Whetstones for Weapons, and Tarnish Remover for Jewelry, that still wouldn’t change the fact I would need to not only make these items, but I’d have to apply them each time they wore off. I barely keep track of my elixirs, and now you expect me to keep track of these items?
Don’t get me wrong it sounds like an interesting idea, and it does make sense, but I would use it all of once and just ignore it afterward because of the hassle. I just want to kill things, I don’t want to be spending half an hour in town applying buffs and making sure everything is oiled up and ready to go.