one thing I do know from my antique machine tools is that not all oils are created equal. if your guns have any copper/brass parts (some old ones do) you might beware of using just "any old oil" and yes, engine oil falls into that category, regardless of how it is made.
they have a separate test where they actually do check for corrosion of copper based alloys in various motor/hydraulic/transmission oils. grades IIRC are A,B,C,D. A shows no corrosion, B shows discoloration of the copper based metals, and I can't remember the exact standards of C, and D. but they involve the metal being eaten away to some noticable extent.
Don't know how aluminum behaves in such situations, but I do know that the very alakaline cleaners, and I think the "Purple Power" and "Greased Lightning" are highly alkaline (why they cut grease so well). Aluminum is easily etched by alkaline cleaners... so be hesitant about using on your mossbergs, and possibly some other light alloy frames.
when it comes down to it, the gun oils are not necessarily anything exotic, but if you want your guns to function well, it pays to use oils in the proper amounts (we all know) and proper viscosities (not so clear to some).
this reminds me a lot of the people who want to use ATF for their lathe ways, cause they are too cheap to spend a few bucks on real way oil. sometimes the purpose made product really is better, even if it costs a bit more. and really, if you are going to spend hundreds, if not thousands on a nice firearm, whats a few bucks for good oil to take care of it? my grandfather used to swear by 3 in 1 oil for everything, and all of my granny's old sewing machines were totally gummed up because of it. you buy proper spindle oil (which is what that expensive sewing machine oil is) and they stay running great forever, with narry a cleaning.
likewise, I would think that the rails on a semi-auto pistol would do better and wear less with a really light, but sticky oil. I don't think the fine spindle oil would be as good as a really light way oil for machine tools. a good way oil actually has ingredients that help it stick to the metal and stay there, while still maintaining viscosity. and at $65/5 gallons of the stuff, the few drops you need per cleaning of each gun, you could buy that and have enough to share with all of your friends. or have enough for a lifetime.
sorry for the long semi-rant, but I work in a place where people just LOVE to use the wrong tool for the job whenever they can. and when you have plenty good tools at yourdisposal, why cheap out completely?