Amortize all the time you'll spend on rebuilding this motor over the next 60 years that it will work with no issues.
I read a really good quote the other day: "If you don't have time to do it right the first time, when will you have the time to redo it?"
The flip side of how to look at this is: What's your time worth? I like to think my time is worth enough that I'd like to do it once and be done with it, rather than revisit it again down the road because the first "fix" was inadequate. You have the information at your fingertips to do it the best way... I would say just do it.
Yes, it's time consuming the first couple of times, but it IS worth it. And once you have the experience, you won't hesitate to do another one. Thanks to Rain's tutorial, I've not balked at motor work and managed a few really good deals on machines as a result. I've probably rebuilt more than a half dozen and they take me less and less time each time.
Giving him the benefit of the doubt, I wonder if he was mistaking Tri-Flow for 3in1 which will do the things you mentioned here.
Not giving him the benefit of the doubt: He doesn't sell Tri-Flow, but he does sell the SM oil and Singer Lube....
That said, the Singer Lube is necessary for the motors, so it won't go to waste.
This is playing with fire. Yes, denatured alcohol can be very good for cleaning. It's also very useful for removing shellac (and is what Skip uses mixed with shellac to thin it for application when redoing a finish on a machine). If you have a single oops with the stuff, you'll be doing more than cleaning a machine. I've spilled almost every cleaner / polish I've ever used near a machine. Be very careful if you do this! We used a bottle of isopropyl alcohol to remove the finish on a featherweight we're preparing for paint. It was incredibly effective and way easier on the water bill than Dave McCallum's method.
WD-40 has been rumored to silver decals. This is usually, as far as I understand it, when the shellac is already failed, but sometimes that's not obvious. Again, proceed with a huge helping of caution.
Lots of people use the Car Wax. I never get the shine I'm looking for, but I'm sure that's my technique. I can get a great shine with a power polisher on the bikes or the car, just not on a sewing machine for some reason. So yes, I usually use SM oil.
Does heat shrink have the same insulative properties as the sheathing that's usually on the wire? Is it meant for long runs? I'm asking, I'm not sure. Is it as impervious to heat? Long term, with the wires warming up and cooling down, I'd be happier with a properly rebuilt motor, rather than having to go back in and do the work again.
ETA: I'm being hard on you because I know you can do this and I think you'll be happer with the result in the end. It's also empowering.
It's the trainer in me at work again.