Other than school metalwork classes, and making a hand vice as part of my university electrical engineering degree course, I’ve never had formal workshop training.
I never did complete the degree, but still have, and use, the hand vice.
Both at school and engineering workshop, I was taught to use tallow, for tapping and as a lathe centre lubricant.
If it gets too hot, as mentioned earlier, then it too smokes and smells.
For lathe use, it was always stored as a blob below the tailstock handwheel.
Now, I use any handy high pressure lubricant.
Bill