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It seems to me that bullet lube is really just some wax with oil/lube mixed in. The wax is used to suspend the oil. So really just a crude mix of paraffin and some oil or lube would work. I mean... it's all the same crap right? C12-C25 carbon chains. Slick texture, high boiling point....
Hell, veggie oil+paraffin might even work.
Hell, veggie oil+paraffin might even work.