I read something in Popular Mechanics way back in the 1960's that indicated Walnut Oil is a really good lubricant. I switched from petrochemical oils to Walnut Oil about ten years ago and it works well for me. It's really inexpensive compared to the petrochemicals and is available at the grocery store.
Auto trans fluid and acetone for penetrating. Marine trailer bearing grrase for bearings. Chain saw chain oil for chains. I will use some 90wt gear lube in hubs - definitely on freewheels - soak them
Works Perfect cause I already have all this on the shelf.
Back to the build. What's shaking. Got a parts line up.
I'm super late to the party but the best penetrating oil I've ever used (& I think I've tried most of them) is Aerokroil. Marvel Mystery is good, PB Blaster is good, and my grandfather used 3 in 1 on everything when I was a kid, so I trust it too. But Aerokroil is the best. Lots of folks just call it Kroil, orange spray can comes out red, very much like a slicker tranny oil. I use it with a needle dropper on rusty saddle screws on guitars too. It's the only stuff that's worked for me there...
Oh and... What's up with this bike?