Just mixed up my first batch of Ed's Red cleaner and lubricant today. Pretty neat stuff. For the cost of a couple of 4 ounce bottles of premium gun oil, I have about a gallon of Ed's.
I left out the acetone in the cleaner and am waiting for the lanolin to arrive, so for now the cleaner is equal parts ATF, mineral spirits and kerosene. Seems to work really well. It easily cleaned off the long baked on roofing asphalt blotched all over one of my hammers.
Tomorrow I try it on my new 20" Palmetto State Armory FN upper for a new AR15.
The Ed's lubricant is just ATF and Kerosene. Very thin but it leaves a film. Also cleans pretty good in its own right. Not sure what mineral spirits cleans that kerosene doesn't, but I am following the formula. Ed said that it is an "Ed's Red friendly" lubricant.
Still leaves a grease. Can't just clean and oil. Slides and other parts need grease to hang in there and not slip away.
I'm also getting some oil and grease recommended by Grant Cunningham, pistol smith. The oil is Lubriplate FMO-350-AW (food grade machinery oil). The grease is Lubriplate SFL-0. I should have them in a week and will see how they work as well.
Basically, if limited to one cleaner lubricant I would go with the ATF+Kerosene formula. In the field you may need one do all lube. But back at the bench it makes sense to use separate, specific products or formulas for each job: clean, lubricate, grease.
Oh yeah, and I use Shooter's Choice for copper fouling removal, and a Kleen Bore Lead Away cloth for cleaning hard fired carbon from revolver cylinder faces.