I do understand being wary of homegrown solutions. However, I do have evidence on my side: A wheel gun and two autoloaders with more than five thousand rounds through them, all cleaned and oiled with Ed's Red and Ed's Lube (except where I've used Gear Oil on slides. Slides like grease or heavy oil here in hot, hot Phoenix). No undue wear, and everything functions just fine.
Got a bunch of rifles, too. Clean bores, no rust, all function fine.
One thing you have to ask yourself, is where do the companies making gun lube get the stuff they're putting into those little bottles they're selling? What makes it magically good once it's labeled and put on the gun store shelf?
Another thing to ask yourself, is what is a product like ATF III made to do? What conditions is it made to function in? Are those conditions anything like the conditions inside a gun? Are those conditions, in fact, harsher than the conditions in a gun?
Ya know, your guns aren't going to be ruined if you change from one lube to another, even from a store-bought to a home-brew. Pay attention to the gun, and it will tell you if the lube is doing its job. You can then relube, or decide that you don't like relubing that often and change to a better lube. It's not that complicated, and you don't need to pay $8/oz for ordinary, unspecialized lubrication (yes, there are specialized lube needs in guns, I'm sure. I'm betting that an awful lot of gun lube needs aren't $8/oz, also).