Butlersrangers information is all good.
I would add that I have tried the Tallow / Beeswax mix for bullet lube.
(Amish country here, tallow and lard are still available at the Country Market)
It works, but somebody gave me a free sample of SPG bullet lube and once I tried it, I'm never going back.
I suspect that if SPG was available "back in the day" they would have preferred it as well.
As for BP substitutes, I cannot comment, as I have never tried them.
To me, the sound, smoke, smell and feel of the BP is an essential part of the experience.