Red can 10W 3-in-1 oil is notorious for gumming up English 3-speed Sturmey-Archer bicycle hubs. I'm surprised to hear it works well for Shopsmiths. The blue can 20W 3-in-1 is preferred for the 3-speed application, if I was going to use 3-in-1 it wood be my choice.
I wood never use red can 3-in-1 for anything I care about working well between long idle periods. There are many better options. Air Tool Oil is a cheap readily available option (Harbor Freight has three sizes). I'm going to give it a try. Just loaded up my jigsaw with 4oz worth.
Oiling
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Re: Oiling
1986 510, jointer, bandsaw, belt sander, scroll saw, jigsaw and lots of accessories. Shopsmith woodworking bench too!