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M1 will definitely work. Many make a "home brew" and mix the V-twin MC variety (20w50?) with ATF. There are a couple reasons that it's likely not ideal for guns though. Probably too much sulfur/phosphorus and other "acidics" that maybe harmful to certain finishes over time. And you probably want something with a better (or higher concentration of) rust inhibitor additive. There is also a (potential) issue of toxicity. And it smells bad.
YMMV...
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