Another thing you could try is Leather CPR, it warns that it may lighten the colour of leather, and is also a really good conditioner.
I would recommend using saddle soap and passier or something like that to clean your saddle instead of oiling it. I also find that more modern leather conditioners (leather CPR for example) even do a better job than oil for breaking in tack.
Oh also a story! I ordered a two tone black/brown bridle and it took like 8 months for me to get it. So of course when I do get it I'm so excited and I take it to the barn and leave it there. The next time I come back my coach had soaked it in neatsfoot oil overnight because it was a new bridle, and this is the thing to do. Lets just say it's no longer a two tone bridle..... :P