I personally would avoid anything with a paraffin base.
I remember tearing down a dirty changer, cleaning it out with carb cleaner. It was spotless and everything moved perfectly freely, but of course it needed a lube to keep it running that way. I tried a teflon lube that had a bit of paraffin in it - the paraffin is intended to hold the teflon in-place. I was skeptical, but I wanted to try it. I was totally dismayed at the result - very quickly, the changer movements were visibly inhibited, I could feel it.
I just yanked it out of the guitar (luckily I hadn't completely assembled it yet) and re-cleaned it, and applied my regular Tri-Flow - the one with a very light oil base -
https://triflowlubricants.com/product/s ... rip-bottle - no problems. Note that some versions of Tri-Flow have paraffin, others don't. This stuff is very low-viscosity, leaving a non-sticky residue and teflon particles.
If I was using a regular oil, I agree with Bob that a synthetic works well. The advantage, IMO, of a synthetic is that it doesn't break down as easily and has superior lubricant properties. That's the point and why many insist on synthetics for their vehicle motors. I think if an oil like this is not over-used and excess cleaned off, it's just fine.
I usually lubricant a changer pretty generously after it's cleaned and still out of the guitar, but let it sit for a while to drain well, cleaning off any excess before I put it back into the guitar. After that, periodic light touch-ups seem to be enough.