Ahoy Sedgor2,
I am currently Oil Canning my 1/72 Boot, and I have found that a light touch using my Exacto Knife, with a #10 Blade is working very well. While scraping between each rib, keep your eye on exactly where the blade is cutting (i.e. in the center of the ribs.....to the left near the rivets.....to the right near the rivets...and so on) and make the proper adjustment to stay more or less in the center of both lines of rivets. Light passes with the knife will take it down a little at a time, however you have more accuracy with the knife, and won't "kill" rivet heads as easily as when using harder pressure, and Oil Canning with light pressure won't make your fingers and hands go numb from "repetitive movement syndrome." Good Luck Mate.
Romain