I'm sorry to hear that. My little brother left us when he was 27.
No. The way oil will have a tackifier as part of it's add pack. It's great for things like ways, but you really don't want to put that everywhere. ISO 68 is a viscosity rating of the oil. If you play with it, it's stickyness will make you think it's ten times "thicker" than it really is..
Before I go on... I have to live with the modern collection of boutique oils, and before I go off a cliff.... You can be as correct as you want, but this is a simple machine. Especially since you have roller bearings, if you keep ALL the moving parts oiled at all times, there is NOTHING you're going to ruin in short order. Maybe some staining if you get into some tractor or engine oils and they sit too long... but in the short term, limited use...
That compressor oil you have- It is "oil", but it's pretty low on the food chain. Were it me, and I had it, I'd go ahead and burn it up, but I'd replace it with a circulating oil, "machine oil", or many hydraulic oils. With compressor oil, nobody's looking over anybody's shoulders there with spec's, ratings, approvals, data sheets, performance standards or any way to know what is in the bottle. Basically, there is no standard, no recipe, and modern capitalism is happy to delver on that promise... Maybe it's fine....... But if that bottle is fine, you have no assurance that the next bottle is fine. There is no such thing as "compressor oil". Just oils that someone, somewhere has deemed "suitable" for your compressor. Unless you're buying branded compressor oil from the maker of your compressor. That's probably built to suit what they use it in. You have an older lathe, nothing is high stress, for the duration of that jug, I'd have no problem using it. It'd buy you some time to sort out just what you want to use permanently.
That manual page on earlier on (again, I think it's a good reference, but that's an assumption on my part), that calls out 20w machine oil for everything. I think an ISO 46 or 68 would be a very good choice. However... You've ordered the Velocite 10 (an ISO 22 oil), for the bearings, which will work very well for that, but it means that since you have that, and you're limiting your overhead to three oils (fair enough....), I'd think an ISO 68 would certainly be the best call. DTE heavy medium, DTE 26, or an equivalent to either of those would be the best call. Like I said, you CAN use that on the ways, but it'll need a lot of replenishing vs a way oil. Or use way oil on the ways, but now you're gonna need another oiler....
With all that said........ If you DILLIGENTLY keep everything that moves well oiled, you're not gonna screw this up. It's a simple machine, and in the world of mechanical contrivances, it's low stress. Keep out of engine oils, multifunctional hydraulic fluids, and you won't screw this up. And before "the internet" points out that the E in DTE is for engine..... It's an old name. An engine in that context is a mechanical thing that does something. You pull a lever and it does something. Wheels, gears, and mechanical stuff. Mechanical adding machines perhaps. Not to be confused with what we usually think of as an "engine". The D and T are for dynamo and turbo. Things that just spin, and don't want modern ammendments to oil getting in the way of it being "just oil".
As for the felt in the oilers- The manual page calls for adding a few drops every week. And that's way more than the bearings probably need, and arguably a very suitable target to try to hit. Personal opinion on oilers on older machines- I have a hard time with that, as it's no longer a new machine. Stuff dries out, stuff plugs up, things change over time. I'd want to see the oil level dropping much more, especially at first. Were that mine, if I could get it to go four or six hours before the cups needed filling again (running or not), I'd run it and live with the mess, while slowly working up with different or tighter packed felts to where you could get some tangible amount put in every few days or a week. It should consume some oil even if it's not running, and even though it's "too much", I'd want it to be enough that I could actually, visually see the change in level. With that comes a mess... But also the knowledge that it's still working. Blocked oilers equal spoiled parts. I'm not 100 percent positive what those oilers look like. (and I'm sure someone can help you out with this if your oil cups are original), but you might have room above the felt to see a reserve of oil dropping, or you might have a weep hole down near the bearings to verify that oil is still flowing through. Either way, same difference, just a matter of how you observe your results.
Felt...... Yeah, there's a whole 'nother can of worms. It comes in all kinds of fibers, densities, etc. Ideally you're going to want a higher density, and all (or nearly all) cotton fibers.
