The bible on this is The Complete Rigger's Apprentice by Brion Toss.
PP 215. 1/2 and 1/2 black paint and Net dip ( Net Dip is an asphalt based paint for tarring nylon twine.) It is too thin by itself so the black paint stiffens it up a bit.
If trad marlin: Stockholm tar, linseed oil and Japan drier.
We used to use anhydrous lanolin on aircraft control cables and Toss recomends it too or complete coating of rigging. Get the book it a good read apart from the info. Mine was from Amazon, here in about 4 days.
Andrew
I used boiled linseed oil, gloss varnish and black paint.(dries to a shiny black finish) Give it a good stir. If you're doing it from a bosuns chair stop painting it on about a foot before you reach the bottle screws. Wrap the b/screws in kitchen roll. The mix will run down the lay of the wire to the kitchen roll and soak up, instead of running down to the deck. I served my splices with tarred marlin from the trawler supply place in Grimsby, better than painting them with stockholm tar which marks everything when it gets soft in warm sunshine. I blackened down my rig once a year and 10 years later the wire was bright shiny under the coating if I scraped it off.
Not much more to suggest, but for what its worth I dress my galv rigging when the mast is stepped. Lay the rigging in a length of horizontal gutter and pour over a mix of boiled linseed oil, stockholm tar and old paint in roughly equal proportions. Give it a good rummle with an old paint brush and hang by one end. A tree comes in handy. The old paint is only there to help the oil and tar go off which will take about a week.
If you are dressing with the mast up go for a cleaner goop, lanolin or Finnigans Waxoil.
The chromium and nickel content which makes stainless steel corrosion-resistant also reduces ductility and raises the issue of fracture due to stress fatigue. Fatigue life is an unknown factor: it can lead to rigging failure without warning, as stainless steel will remain shiny pretty much until the day it parts. It is prudent to consider the life of such items normally as approximately 10 years, anything more than 15 is certainly on borrowed time.
Galvanised rigging not only gives you warning of failure (i.e. any weakening is signalled by rust), but is also much more ductile. Coupled with the fact that it is more likely to be 7x7 rather than 1x19, means it is vastly superior in terms of resisting the metal fatigue which dictates the lifespan of stainless rigging. I know of several boats with galvanised rigging over 50 years old, still in good condition.
Also there's the question of aesthetics: an old gaffer with shiny rigging? Ugh!
I found boiled linseed oil on its own worked well. It goes nonsticky after about a week or so and weathers to black by itself. You need to put a coat on once a year. You could put the first coat on hot so that it soaks in well, but after that cold is good.