Weiserb,
With regard to oil, please bear in mind that there are many grades of oil which perform differently over time. Some oils have a high paraffin content and will solidify over time with exposure to air. Other oils change their viscosity, and some have a higher precentage of higher distilates to thin out the sludge that the MFG has used to blend a particular grade - this oil may separate with out an active pump, and cycling.
How much do you wish to save?
what are you willing to risk? - the life of your spindle?
Good luck