The problem with engine oils is that they are designed to absorb moisture, releasing it later when the engine comes up to temperature. I used to smear engine oil on my machine tools as a teenager out in my parents unheated garage to protect them from rusting during the spring and fall because the rapid temp changes would sometimes cause the cold iron to "sweat". The clear oil film would turn a milky white/brown color! It was loaded with moisture and cause corrosion, the opposite of what I was trying to do. Later found that a good coating of straight oil did not promote this kind of action. So no engine oils in any of my turntable spindles.
BillWojo