I love this discussion... Too cool.
So one point I think we are all glossing over is this.
What is the goal?
I mean that is the goal treating it for a current typical user, for long term wear considerations, hard use, long term storage, intermittent use, toxic avoidance, scent, etc etc.
I had a person at my last show ask what I use to lubricate them and when I said Tri-Flow you would have though I suggested Jesus wore girls underwear the way he went off on me about the evils of modern materials on old machines and how he ONLY uses real sewing machine oil. I asked him how he liked the smell of the whale oil, he had no idea what I was talking about. I explained about what the "original correct" material was. He actually backed off and apologized... but the point is, that having YOUR opinion (no matter how well informed) is not the same as knowing "the one true way" (which does not exist)
Also, just for reference, I do not use the same lubes on all of my machines. I have some machines that i could care less what they get oiled with, most that only get tri-flow, and even one that only get whale oil. (it is all it has ever known)