I have used spray can oil when I have seen lots of grime and hardened grease, it can speed things up, but the basic oil will get the job done. I like the teflon oils like Triflow and Finish Line Ceramic, they are the only two I have found to have any advatage on the basic oil. Sewing machine oil is fine though, the most important thing is to clean, apply, run the machine and repeat frequently the next week or two. Flushing out sticky grime can take time, and be a bit cumbersome, some machines are cleaner and quicker to get back into shape. It varies from case to case, on some machine I think I have oiled and cleaned more than enough, and after a few days of use and more old grime and oil appear. I pays off to be a bit stubborn and persistant on the initial clean up.
Here's a video on how to take the cams out, I would recommend oil, but I see some have found a grease that they like. I think the original manual called for oil every where, except for the meshing gears.