Yeah I do this with my mare all the time and she's never had anything happen to her :) And she has super sensitive skin too! And I use oil-based sprays all the time because if I use the water-based they don't tend to last and then the bugs attack her (and we found out last year through blood testing that she's allergic to bug bites arrrgh!!) So the oily sprays are my friend! We were actually just at a horse show last weekend and after washing her off, I sprayed her a TON with oil-based spray to keep the nasty bugs away and she stood in the sun eating her hay the rest of the afternoon trailer tied with no issues!
The only thing I have to watch with her is her pink nose, I have to put baby sunscreen on it so it doesn't burn haha! but other than that, she's a buckskin with the nice black skin so she doesn't tend to burn easily anywhere else! ;)
"The times when you have seen only one set of footprints in the sand, is when I carried you..."