My view is different; lubrication technology has improved a great deal over the years, and, although the old stuff is adequate, isn't it better to use better stuff if it is available?
I would also point to varnishing. I know that a big part of the varnishing equation is neglect, and that a regularly-oiled machine probably won't gum up, but why not use something that cleans as it lubricates?
My Kenmore from the mid '60's had a gold-ish tone to the metal cams and levers. I honestly thought that this was a chromate-type finish like you see on some bolts and other assorted hardware.
Turns out that this was in fact a film of solidified oil, and the transmission fluid has removed it. The internals of this machine look like they left the factory yesterday.
Why use an oil that will varnish over time, when you can use one that not only does not varnish, but actually removes the residue left behind by other oils?
That's my perspective, but then again, I can totally understand wanting to use 'period correct' materials on old collectible machines.
If you use and oil your machine often, you could probably use almost anything to lube it with. A sewing machine isn't a very demanding environment for a lubricant.