Come on man we're talkin about simple locking lugs on a rifle action. Anything more than a really light thin layer of oil and or a simple general grease, is way too over kill. There's no need to try to make rocket science out of it.↑↑
I'm not answering for anyone and I have no idea what Hobo oil is. That said, one would be concerned with the 'shear' factor of a lubricant amongst other properties in the lubricant. Meshing gears (also lugs locking as they cam shut) would have a shear factor to be considered.
Just keep them lightly lubricated as needed and don't let them go dry.