I can only say this old Lufkin micrometer has had nothing on or in it for the last 20+ years except 3-in-one & it "IS NOT GUMMED". It runs just as free & smooth as the Slocomb which for the same period has had nothing but Starrett Tool & Instrument oil. I do not recall the color of the can I used 20 years ago, but don't recall a picture of a V-8 engine, was just standard multi-purpose oil. The can I am using on it now has a black top with a narrow red band below it, then white & again a narrow black band at the bottom. On the front is a picture of a house with the words multi-purpose OIL inside. below that, it says Lubricates, Cleans & Prevents Rust (CLP). On one side is pictured what appears to be a saw blade, a wrench on a nut, a pair of shears, a sewing machine, a bicycle & a hinge.
Other than this one micrometer I actually no longer use it, but not because it ever caused me any problem with anything I ever used it on. For the most part now anything calling for a lightweight oil I use Mobil 1 0W20 engine oil.
I think that one would find the "Drippings" from "ANY" petroleum distillate based oil on the rim of a can sitting near a lathe will pick up all manner of Gook from the surrounding air & Gum up. I don't know yet if the synthetics will or not, time will tell.