hi somerset simplex,
most of us use what our clubs buy in bulk.
i have tried all sorts of different grades over the last 30 plus years.
in fullsize, you will find on preserved railways a number of different grades, depending on whether the loco is saturated, superheated, and superheated for mainline use.
there are also higher grade oils that are more refined – these tend to be lighter and more expensive.
so there are different grades for different types of locos, and then the same grades in a more refined state.
personally, in miniature locos i dont think it matters much mainly because we tend to supply more oil to the cylinders than would be acceptable in fullsize. however if you have radiant superheaters i would change my advice!
i have a large can of Shell Valvata that will see me out. it is the extra refined type of steam oil.
Morris's of Shewsbury can give you all the advice you require and are most helpful.
for non cylinder parts you need proper lubricating oil not car engine oil. there is a huge range of opinion on this. again clubs buy in bulk proper loco lubricating oil. ignore the idiots who suggest chain oil, please!
perhaps best to join a local club?!
cheers,
julian