Whether the grade of oil matters or not varies with the application. Hobby lathes are lightly loaded so the oil is non-critical and any oil is better than no oil. Although ISO32 is a good all purpose workshop oil I tend to splash 20/50 on my kit because it's cheap, handy, reasonably thick, and low on additives. I sometimes treat slides to some way oil, but there's not much advantage unless the machines are being pushed hard. As Way Oil is thick and sticky it resists being squeegeed out by the slides, which is useful on busy machines.
Additives can be an issue. One definitely to avoid are EP gear oils, EP is short for extreme pressure, achieved with an additive that attacks copper alloys, which is bad news for any machine with brass or bronze bearings – quite common in tools!
Other additives are more likely to waste money than do harm. They're added for various purposes, often associated with hot engines or other automotive needs. They discourage emulsions, foaming, or improve heat performance, including improved cold-start and anti-waxing.
It is important to use the right oil whenever a machine is stressed or has a critical function. Aero-engines have a high power to weight ratio and are required to keep people safe in the air for several hours. Also important to use the right oil on light mechanisms like clocks and sewing machines. WD40 and 3in1 are both excellent clock killers – the first removes oil with a burst of temporary lubrication whilst the second gums up and forms a grinding paste by collecting gunge. Lathes aren't delicate, run at lowish RPM in short bursts and don't drop the operator in mid-ocean.
Dave
Edited By SillyOldDuffer on 15/08/2022 21:18:24