I make this distinction because when I went to buy "linseed oil" to cook with on Amazon a while back, it brought me to various linseed oils that were not meant for human consumption.
I would naively think you would want an oil with a high smoke point for seasoning. Can you elaborate on why a low smoke point is preferable?
FWIW, I wrote this up a few years back after I went down the rabbit hole of seasoning pans, only to find that it's actually really simple and just as you describe: https://nuxx.net/blog/2014/01/24/well-seasoned-cast-iron-pan...
And cooking in general create a bunch of carcinogens like acrylamide, etc. You can reduce it, but it's tough to eliminate it completely.
In fact, I've been banging on about it for 15 or so years, and, I kid you not, you're the first person I've seen being this up.
Strange!
Unusual cross section of knowledge: I studied nutritional medicine in a formal capacity for four years 2000 through 2003 inclusive, and I'm also a welder by trade.
Combustion probably unlikely, but non-zero chance.
It takes very specific conditions to get oily rags to ignite. As a rule you're gonna have a hell of a time getting any lubricating oil specifically designed not to degrade in a high heat environment because the chemistry that keeps those oils stable over a long time at 200deg (or whatever) makes them very hard to ignite.