Hi Matt, I have a theory very close to yours, the only difference being I only choose a motorbike specific oil. The reason for this is that the car oil isn't put together with the non shearing properties a bike oil needs, because a car has a seperate gearbox, with specific gear oil in it. (Picture all those gears meshing together, and how they will shear the oil molecules as they try to squeeze through the gaps).
Same as you though, the old adage oil is cheaper than bearings holds true for me.
I'd use the Duckams in your chain oiler. Even the Enfield deserves better!
#Tony#
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