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Congratulations on finding and rescuing a fine old machine.
Do you know the capacity of the sump on this machine. From your description, I suspect it is a few quarts. Mobile Velocite No.10 is one of my favorite oils. It is labeled Spindle oil, however it is a 5 weight non-detergent oil.
I use this any time I need a good lightweight oil. e.g. On the bearings of my watchmakers lathe. Makes a nice honing oil also. Purchase from McMaster Carr for about $28.00 for a 1 gallon container. Automatic transmission fluid may be a good choice also.