No there should be no need to defend a simple home made solution and I found your post useful Fulmen. There’s loads of different concoctions of cutting lubes in old machining books. Some fairly benign, and some we now understand would be dangerous. While Dave’s mostly correct about what he’s said, and I don’t use it as an all round cutting product. I do use pure baking lard while reaming, and it’s worked better than anything else I’ve tried. However it just wouldn’t work in a proper industrial environment for multiple reasons. That still doesn’t mean it’s worthless, or that there is or isn’t anything better.
I’m careful to keep it frozen unless it’s being used, and I’m quite fanatical about spotlessly cleaning the reamers and work pieces with dish soap, hot water and re-oiling the reamers. Rancid animal fat in even a minor cut isn’t anything I want to experience. For anyone not willing to do the same every single time it’s used, then I definitely wouldn’t recommend it. And for some obvious reasons, bacon fat isn’t something I’d use instead.