Yeah, if I didn't have a problem conditioning overnight, I'd do what BGT is doing, but my scalp cannot stand to have any products on it, especially not if there's a baggy over my head for a whole night.
So when I baggy, I baggy bare hair. I just wash, condition (or DC), rinse...then towel dry and airdry. At bed time, put on a plastic cap, Saran wrap or a plastic bag and call it a night. My hair stays soft, and I just take any dry feeling as a sign I need to wash my hair again. I rarely get that "dry feeling" though coz I wash my hair every 3 days or so. (BTW, I do the bare hair baggying coz I am not combing my hair at all; it's in braids.)
If I'm wearing my hair out, I use S Curl as my moisturizer coz it helps the comb glide through my hair with ease, then I put my hair in plaits at night and then baggy. I usually don't need to reapply S Curl again until wash day as long as I baggy.
I have never been a fan of using too many products, but if I was a newbie to baggying and didn't know where to start, BGT's method sounds safe.
BTW, I don't know much about products but oils never agreed with me. A water-based moisturizer is what softens my hair, hence S Curl.