Here's how I stumbled on Slick 50 wheel bearing grease. I was building a lot of custom paintball stuff, and a friend of mine happened to be a Ford mechanic. He showed me some light blue grease Ford sold for aluminum and plastic window power tracks- which worked surprisingly well.
I used all of the sample he had given me, and when I asked about another -ahem- "sample", he told me it was the same product as Slick 50. I bought a tube of the Slick 50 and used it, and it worked really well, and he was right- same stuff, just a different color.
I've used a dab on sears on race guns, paintball gun triggers, and servo gears on R/C planes.
No idea on the engine oil as I've never used it.