I think one of the good things this thread is doing is to let folks see that there is no such thing as "the one true way"
Some materials work better for some machines and some conditions. Experimenting yourself to understand after reading the cautions here is really the best way to decide what works for you.
I am currently trying to track down a bottle of actual old oil, as advertised "the best sperm whale oil" I want to see if there is a difference in motions. Remember that the early machines were designed with that in mind.
Oh, and until I get a chance to pick up some wadding cloth to try, Brasso is my current defacto goto cleaner for metal. (NOTE: it EATS paint and decals if you are not careful)