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If it's only to put on gears and bushings, go for it, it won't make it to any rubber parts (the main reason people say not to use any lube or grease with petroleum in it, because it'll eat the rubber over a couple years.)
Hell, I remmeber a thread started by Kokanee, where he said he swore by Schwinn (sp) Bicycle Bearing Grease in his mechboxes.
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