Unless you want a very _antiqued_ ivory look, I would NOT use it on holly. Some very light woods do not benefit well from BLO or other oils, unless that is what you specifically want. Most woods do well with BLO as mentioned above, but not all. Some reds will turn a burnished reddish brown with BLO. Also, dyed woods will change colors/hues (and not necessarily for the best) with BLO, so be careful and be sure that is what you want. There is a point where the color desired - will determine the finishing process.
Contrasted (segmented) bloodwood and holly with BLO will change from very reddish and white to reddsih/brown and antiqued ivory (almost yellowish), losing the red/white colors that were originally intended and hoped for. In this case, I would use straight CA or clear lacquer.