how would an oscillating magnetic field effect hydrogen?

A magnetic field with negligible electric field varies very slowly, and then the oscillation has weak effects.

 

The effect on protons is small, like 50%+1ppm of the protons taking the favourable direction in a 1T field at room temperature. The direction if these protons can the fluctuate at a frequency that depends on the polarizing magnetic field. Measuring the frequency gives you the magnetic field, and the attenuation of the oscillation tells the influence of the nearby atoms. Both effects are used to measure hydrogen abundance, field intensity, and make maps of images of hydrogen, for instance in the human body by Magnetic Resonance Imagery.

 

At the electrons, it's more complicated. They would respond more to magnetic fields than protons do, but they are paired in all normal materials, especially near hydrogen nuclei. A few materials have unpaired electrons and are used for instance to make oscillators whose frequency is controlled by a current in a coil, but none uses hydrogen as far as I know. You'd already need to produce atomic hydrogen for that, and it takes exotic conditions, like 3000K at low pressure.