It begs the question though...what kind of oil or wax is the bone stuffed with? What if it is mineral oil? Are you OK with that?
Oil tends to be a bit fugitive over time...do you have to buy another bone when it gets dry?
Fundamentally, all that is happening here is that the oil is acting as a lubricant to allow the bone to slide on the leather without abrading the surface. As pB said why not use a reliable conditioner like Bick4....which has some lubricating properties...and a spoon?
Don't get me wrong, if the oil is not mineral oil, there's probably nothing wrong with using the oil bone but it's not magic either.
On the other hand, a cow bone that has been polished with 4000grit Abralon and some rouge or tripoli, has no equal for burnishing or chasing wrinkles