Henry -
You make a good decision not to use automotive-grade motor oil. It is NOT a synthetic and is not acclaimed compatible with plastic. The fully synthetic oils - such as what are used in the food industry and now in cars - are plastic compatible.
All the model mfgs. offer their packaged synthetic oil - and some offer grease. For example, transmission oil is plastic compatible. According to a previous LGB administrator, LGB in Germany packaged transmission oil in their “pencil-sized” containers and sold it under the LGB name. This is not unique to LGB. Considering the small amount most modelers use, the costs are not critical. However, knowing the alternative and its relative lack of expense is satisfying since it presents a choice.
Granted, there are other brands of fully synthetic other than than Mobil One. It’s just a choice. We use their oils and grease continually lubing over 75 different locomotives and hundreds of car axle journals at the Living Desert Museum train display in Palm Desert, California. Pulling 100+ cars by four USA diesels all day over a thousand feet of mainline track means continual lubrication on that train alone. So cost is relevant.
I also use the same grease and lube oil on all the powered lawn equipment - especially greasing the hedge trimmer gearing. As to your trains, you noted your choice of the synthetic LaBelle products. For me, and our family layout, I would be more infrequent in lubing all the axle journals and would not be as dedicated to loco needs if the only alternative was the cost of packaged hobby lubes.