I do it, but with a Mirka Ceros. (which I also use to wet sand finishes).
I have a dedicated backer pad just for this application, as it will get ruined.
Be prepared to go through LOTS of discs too.
You may find that as the oil gums up on the pad, it really highlights the swirl marks left behind by a ROS.
My advice would be to try it on scrap.
Adam.