I have used some oils with Teflon by other makers. They work OK for guns and other things. However the only non-sewing machine oil I have used on sewing machines is Tri-Flow. It also has Teflon ( PTFE ) and works good.
I don't know how the product at Lowe's is formulated. Tri-Flow is a very light viscosity oil and penetrates very well.
All you could do is buy some and try it. It might work great.
Or, you could order some Tri-Flow oil from Sew-Classics and they'll deliver it right to your door.
Joe