The problem with putting a set amount on the sponge is that you may not get an even coverage. It’s far better to put too much on then squeeze out the excess; a bit messy but you are more likely to reach all the corners. That’s the way Briggs and Stratton used to recommend back in the good old days.
The oil is there to make the sponge act like fly paper so the dust sticks to it. The oil and dust can be washed out with clean petrol and the sponge re-oiled to extend the engine’s life.