Well those trolls were quite mean, so the turpentine was handy. I've done this quest twice now. The first time I was level 20 something, and the turpentine had a damage of 150. In my current game I was level 6 or 7, and damage was 50. When I went head on a troll without using the turpentine first I had a hard time killing the trolls, and got killed myself a few times (I'm always playing with difficulty at default middle), but when I used it it was quite ok.
In my last game I've saved all those troll fats, btw. Not sure if I'll be needing them anymore for something, but they sure have some nice alchemical effetcs.

Will probably use them when I'm higher level to make some good potions.