Apologies for unearthing what is a relatively old thread, however I think I may have some additional input to the subject, which is something I dealt with in my years as a military logistician..
Oils, waxes and greases are a huge subject, and have a number of potential pooh traps for the unwary. As pointed out in previous entries, classifying these substances by their appearance is not actually that helpful, and can lead to some significant mistakes. The obvious difference, and the one used to differentiate a wax, grease and oil is the thickness.. but this is misleading! Many greases are simply oils in a soap base to make sure the stuff stays in place.. A lubricating grease and a protective grease can be fundamentally different in formula and function although looking very similar.
In the past there were a limited source of these materials, roughly divided into animal, vegetable and mineral. In many cases, these materials were used for a range of lubricating and protective purposes, although in many cases the long term effects could be destructive, often as a result of contaminants in the source material. Substances such as Tallow, Rangoon oil, Bear grease, RussianPitch and Sperm oil feature in many old shooting books. Although they were recognised products in their day, their compositions could vary widely, and although good for short term use, could prove destructive in the long term. Nowadays, we can obtain carefully designed, tested and analysed products, however we do still seem to seek panaceas and retain an attraction to "Eye of Newt and Toe of Bat" preparations to meet all our needs..
Looking for our needs, can i suggest there are four basic requirements for these unguents:
1. Cleaning. There is a clear need to remove the remains of the firing process. These are basically primer and powder residue and projectile deposits from bullets, shot and sabots/wads. You need two actions here, a solvent to break down the solid residues and a surfactant to clean the surfaces. Modern cleaning products will do this, particularly if you match the product with the propellent/projectile that you are using. The problem with cleaners is that they can clean off the protection as well, particularly if you let it seep into places it is not meant to go!
2. Bore "Lubrication". You only need this in two situations: when you are using black gunpowder and/or using bare lead bullets. Actually the material has two quite separate functions. Black powder lube combines with the powder residue and keeps it soft to prevent the buildup of hard deposits. Lead bullet lube performs a similar function, but prevents lead sticking to the bore. Neither of these processes is actually lubrication.. which is the process of removing or reducing friction...
3. Lubrication. Yes, you need this as well! The various moving parts in your gun need to be lubricated to reduce friction and wear. Sears, springs, levers, pivots, rods and pistons all need to be coated with appropriate friction reduction substances to produce a smooth working and long lasting action. This does not last for ever! Once in a while you need to strip out the old lubricant, clean the bits off and re-lubricate with fresh. Lubricants that you use in these situations need to be greasy so they stay where they are put. Graphite based greases are often used in these applications.
4. Metal Protection. The metal in our firearms, even if treated with a chemical finish to inhibit corrosion, needs the additional application of protective materials to resist the actions of the elements and physical wear. The bore needs to be cleaned, however this needs to be followed with a coating that will preserve the surface.
5. Wood Protection. For those firearms with wooden furniture, an additional level of chemical treatment is needed to preserve and stabilise the wooden elements of the weapons. These are fundamentally different from the need to treat metal, although there are some similarities.
Standing back, it must be obvious that it is extremely unlikely that a single product will meet all the requirements listed above, particularly in the long term and in varying environmental and usage conditions. In addition, there is a real danger that a substance applied for one purpose could interfere with the function of another..
The greatest risk comes from cleaning materials affecting the function of protective materials or from protective materials designed to treat one element of the system, inadvertently damaging another. Be very careful when choosing materials to be used on a gun, particularly an old gun, and make sure they only go where they should..
Wood needs to be treated with the correct oils and finishes. You will not damage a wood stock with linseed, which will replace moisture loss and retain the body of the fibre. Mineral oil will attack, stain and eventually break down the structure of wood. It needs to be removed with white spirit or other solvent, however this removed the natural oils from the wood which needs to be re-treated with linseed to restore the structure. Tung oil is also good, but hardens more than linseed and needs to be used sparingly.
Modern metal preservation products will chemically bind to clean metal surfaces and do not need to rely on thick physical coatings. Some also have water displacement properties, however be careful.. products such as WD40 are primarily a water displacer and do not have long term protective properties! Read the tin carefully and select products that meet your requirements.
For long term preservation and for putting a protective barrier between wood and metal, I have not found a better substance than Renaissance Wax. This was developed originally by the restoration department of the BritishMuseum and is a chemically neutral wax in an evaporating solvent base. It is very similar to a good beeswax polish, but with a much higher level of assurance that there will be no untoward chemical reactions or oxidation into the future. The final finish is hard enough to resist dust, yet is chemically neutral. The wax is freely available via the Internet - a small amount goes a long way...
Sorry this is a rather long diatribe, but I hope it is of use.. My advice is always think about what you are trying to do, select the appropriate material and use it sensibly having done you homework.. To follow the words of the Hippocratic oath - do no harm and remember that we do not own our old guns, we are simply looking after them for future generations!