While I do believe lubrication is important,I do not get real excited about the brand of snake oil it happens to be.
One pretty darn good light oil is Texaco Regal R+O..seems like we used the 32 grade.My 30 years working in machine shops,that was the standard for "light spindle oil"
It is what went in the lathe headstock for the gears and bearings,it is what went in the oil cups on the lathes and mills where it called for spindle oil,It went in the Cinncinati Hydra Shift for hydraulic oil.It is used in steam turbine bearings,aircraft hydraulics,I think it is safe to say it is not "wrong oil"
You can search the specs on it.Also,if you have machine tools,check to see if it is a recomended grade for your machines.
Myself,I would not hesitate to use it in any light oil application.
For the regular guy.buying a small quantity might be difficult,but many machine shops have 5 gal buckets of it around.
We also used a Sunoco ways oil,I forget grade,on the sliding ways applications.I can think of some gun applications where a light film of ways oil might be good
These days I am prone to use Breakfree CLP as light lube,and either TetraGun grease or Castrol full synthetic blue grease,wiped thin,on places like slide ways and bolt cams.
Seems like I heard if you were camping at the Chosin Reservoir Vitalis hair oil was the preferred Garand lube.
On the acetone,it will melt acrylic(plexiglas),Lexan(polycarbonate),ABS,.
I'm sure it is bad for stock finish. Its also really bad for your liver.
Myself,I would use it cautiously and sparingly,not as a general fluid additive.