If you aren't going to sew on it, don't oil it. My favorite repairman told me years ago to never oil my Elna and put it away. Make something to distribute the oil though the parts first. I'm sure some of the brown dried oil globs we deal with - like in my 404 - are from someone not following this advice.
That Fashionmate doesn't owe you anything! You gave it a real workout for that type of machine.