A few thoughts on why I don't use some of the suggested oils.
1) I already get enough pests in my shop (flies in the summer/fall, mice in the winter) that I will never use bacon fat or crisco as that seems like an invitation for more problems. I'd think bacon fat especially would attract mice, rats, cats, dogs, skunks, bears, etc. (had a bear in the compost a couple years ago)
2) I have read about problems with soluble oils causing staining when it sits in dovetail slides etc. My machines are all old and used, so that's not such a big deal. But the show-stopper with soluble oil for me was a test I ran........it freezes even at the least diluted recommendation. While I try to keep the shop above freezing, we had a prolonged -30 deg. C. (-22 deg. F.) already this winter.....and Feb. is usually the coldest month. Also, if the power goes out for any length of time I'll have enough to worry about in the house (pipes freezing), I don't need the additional problems of machine reservoirs and sumps cracking. (my marvel power hacksaw had a cracked reservoir when I got it)
I have considered diluting the soluble oil with automotive antifreeze, but have not tried it yet. People usually warn about health issues with that stuff.
It sounds like I should find some Anchorlube.
-brino