Super Lube is my go to grease for reel lubrication. A full synthetic grease that doesn't turn to varnish, melt or separate.
Oils are different because I want an oil of certain viscosity. While Remington and 3:1 oil may have good protective qualities, but that's not the attribute that's important to me. I look at viscosity because its primary means of controlling the friction (speed) of the spool bearings of a casting reel. Too little friction and the reel becomes uncontrollable, i.e. bird's nest. Too much friction and casting distance suffers. Therefore it's a balancing act between control and performance. As an avid Surf fisherman, I carry
Rocket Fuel, yellow and tournament for my conventional reels.
Trolling wise, we probably use similar equipment. For Stripers, I run a mix of Penn 320 and 330 GTi level winds on IGFA #20 and #30 blanks. Stripers are not much for fighting either but they average #20-25 and #50+ are certainly possible so drags are important. I've modified the drag stack by adding an additional drag washer to each. I also run them "wet" (lithium drag grease) to reduce contamination and over heating that leads to sticky drags.
As noted earlier, people over oil reels to the extreme. Oil and grease once, maybe twice a year tops. All my reels are torn down, cleaned, inspected and lubricated every winter. They will not be oiled or greased the entire season.
The only exception are my conventional surf casting reels ($$$$). The combination of salt and sand plays havoc on them. They are cleaned, inspected, and oiled at the end of each day.
Spinning Reels: A drop the size of a pin head on the bail pivot points, the articulation in the handle (if applicable) and the shaft thru the knob on the end of the handle is about it. No oil on the spool shaft or drag knob/adjuster.
Casting reels: a drop in each bearing, a wee bit on the level wind mechanism and the shaft thru the knob(s) on the end of the handle(s)...that's it.
As a saltwater guy, everything get hosed down with freshwater at the end of the day and gets a light misting of WD 40 which is them wiped of with a clean rag and left to dry.