Taf, your ideas are more-or-less sound, providing you can control the die-grinder (I know I couldn't, so would have to set up some sort of guidance fence, template, whatever).
There's a typically excellent YouTube video by Stefan Gotteswinter, some time ago, in which he discusses the desirable features of oil grooves, particularly the desirable shape of the arris at the transition from groove to guidance surface. (You don't want the groove to act as a scraper.)
Not sure about Tug's suggestion. I'd have thought that when the table picks up some oil, the saddle's groove's oil level drops, so no more chance of pick-up by the table. Perhaps a sump and wick might work? Having the grooves in the upper surface is like having oil-retaining scraped features preferentially in the upper surface: they don't accumulate potentially abrasive gunge. Also, the resevoir of oil in the groove and its supply channel feeds until it's empty. Sure, oil dribbles out from the exposed grooves, where the table overhangs the saddle, but that's a reason to have the table's groove system broken up into shorter lengths, with individual supplies.