I realise this has been solved, but I would like to confirm/inform that we used soluble oil, the same as engineers use for cooler-lubricants on lathes, etc, in the recent restoration of our Model M Ludlow at our museum. This coolant-oil mixture was recommended by a retired Linotype mechanic friend. I can't recall the exact mix, but it was sufficient to leave the mix with the typical white milky look.