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Hi Monty,
First let me say I am not an expert on watches, I repair clocks, but even in clock work you use a suitable lubricant for whatever you are oiling. If you look down the threads to ladies watches I posted a little while ago you will see Bob listed at least 3 types of oil and dont forget you would need a mainspring lube as well. You are correct in saying its not cheap but if you want a watch to run smoothly and sometimes even run at all it is important to use the correct oil. Think of it like a car, you wouldnt put engine oil in the transmission and you wouldnt put bearing grease in the engine. It might even be worth asking here on the forum to see if anyone would like to go halves with you on purchasing the oil, half the cost and half the oil if you are not using so much?
All the best,
Paul.