I like Zoom Spout by Dritz for the oil, it has a telescoping applicator. I use Petroleum Jelly as a the lube for the gears.
The 301 is a very nice machine. Mine seems to run well when oiled every 4-6 hours of sewing time.
Note: hold the thread tails when you start a seam, otherwise it will unthread itself at the needle. When you remove the needle plate to clean out the lint, when reinstalling, be sure to put the "finger" back into the notch on the needle plate.