In a word, No!
For the motor bearings, a plastic compatible oil like LaBelle 108. for the gears, a light weight gear grease, like LaBelle 106, or Lubriplate, some older engines used white lithium grease.
Graphite powder works great on the couplers, and where the couplers are mounted on a "swing arm" (older Athearn 86' flats, and their 89' box cars, or the Walthers autoracks), for the pivot points.
If the electrical pickup comes off the axles, use a conductive oil, or none, on the axle bearings.
In an engine that will have extensive running time, the recommendation is to disassemble, clean, and re lubricate, on a regular basis. Cleaning removes the dirt, and particles that occur from wear. Just relubing, leaves these particles, which accelerate the wearing process. My HOn3 2-4-4-2 gets a clean,relube, every second show. It's been running, all day, two days per show, without fail for over twentyone years now.