The thing with oil paints is they are quite thick. To paint with them you need to thin them down quite a bit. This results is a coverage that is most comparable to inks. That is you get great color intensity, but not so much coverage. Doing the edge highlighting would require several coats with sufficient time between for the coats to dry. I do not think it would be effective.
However if you want to use oil for natural shades and highlights I think it can work quite well. Here are a few examples of things I have done with oils;
The highlighting and shading on this guy, around the rocks we all done in oils;
All the shading here was done with oils;
On these IF's the yellow highlights and dark shading were oils;
The blues and yellows on this Librarian were done in oils;
In fact on all my IF's the yellow highlighting and shading was done with oils;
And finally Lysander was done mostly in oil as well. Only the yellow really, the blues I did in acrylic;
So oil paints are really versatile, I just think they work better with gradual shading than stark contrast. I would be happily proved wrong, experimenting with it would be the best way to find out.
Ashton