safety aspects of 'lubrication'....
Yes remembering the 303 days in Australian rifle clubs I can recall hearing of instances where rifles were 'damaged' after firing wet ammunition but never saw such a rifle.
Of course in those far off days (Pre 1969) handloading was not permitted so rifle blow ups cant be laid at that door.....
As to the change in point of impact I can speak from actual experience. I always take pains to keep ammo for my 7.62 No.4s dry and free from oil/case lube.
One day at an early morning match there had been a heavy dew making the grass firing mounds really wet. We had a 'walk down' practice where you fire from 300 then 'walk' down to positions at 200 and then 100. Anyway I had my ammo clips in a plastic carry tray but dropped one clip onto the wet grass during a 'quick' reload.
I did my best to wipe it dry in the short time allowed but the rounds were still wet when they were loaded and fired.....sure enough my 200 yard target showed a very vertical spread with the (apparently) wet clip of 5 printing about 10 minutes high...(20 odd inches...)
Lost me that match. A lesson I never forgot. Perhaps the 7.62 No.4 is more prone to that than the 303..who knows. As for deliberately lubricating them...sure sounds crazy to me.