Tom,
anything as long as it is not lemon cordial.....
Now seriously, motor oil gives of fumes & a smell, it was not designed as a cutting fluid, 3-in-1 is actually a light oil, and is handy for creacking door hinges....
You need a cutting fluid that's gives you good tool life, finish and does not have a bad smell (due to bacteria growth). I don't know what's on the market on your side of the ocean, but i'm sure guys like Hu, Hardmill for example will help you on the ins and outs of "cutting fluid shopping".
For tapping i use *******....the other guys claim there products are "good", well in some instances so good it eats away the painted surfaces on machines!
In some situations you can use parrafine as a cutting fluid eg. ally, copper & brass, but it's not the ideal thing....
I use a cutting fluid called ****, it's biodergradable, inhibits bacteria growth and does not give a "bad" smell. I don't know if it is availible in the USA.
Klox