I guess I would prefer if it didn't have the distillates in it, but it would probably work ok. They must add a little solvent to the mix to get the oil to absorb into leather easier.
It's not really going to harm anything per se, but if you notice you are getting some nasty fouling, that is hard to clean out I would stop using it. I'm sure it is a pretty small percentage of the mix, so it probably won't matter. Since you already have it, I would try it.
The way I lube my felt wads, is to melt a small container (about shoe polish sized can) of my mink oil in some hot water. Once it's melted, I pick up a felt wad by just grasping a few fibers on the top of the wad with a needle nose pliers. I dip it in the melted lube, and give it no more than "one Mississippi". The felt will absorb the warm lube pretty quick, and it doesn't take much. If they soak longer, all it does is waste lube, and make the wad heavier. The advantage of the felt wads is that they are soft, flexible, and light. Too much lube defeats that.
happy shooting