Almost any legitimate cutting or tapping oil will work much better than 3 in 1 oil! I've used Tapmatic for decades for drilling and tapping threads. But for larger work like cutting with holesaws I use NAPA water soluble cutting fluid. It's under $20 for a half gallon jug, and I mix it 10-1 with water, or 50/50 for tougher cutting. Don't mix too much up at one time as if left for weeks not used it goes bad. But it sure beats buying the expensive cutting oils when you're doing a lot of cutting, drilling, or tapping.
The correct lubricant you use is completely dependent on the type of metal you're machining and what machining process you intend to use (drilling, tapping, reaming, broaching, thread rolling, etc.).
I use mistic metal mover, seems to be really good stuff. The good and bad is its real thin, like water, so it gets down into the cuts really well but it also runs off easily. And it does smoke and smell some... ..
I like the xtra-thick cutting oil that Gimpy just posted. It's more like thick glue rather than oil, haha I use it when using hand taps, keeps it from dripping everywhere. I also feel that it keeps more of the metal cuttings inside the flutes of the tap, which is nice if I'm tapping something that I don't have much access to the back side for cleaning out. if I'm drilling large holes on the drillpress with aluminum, I'll use WD40 and a brush. if I'm cutting steel, I'll use cutting oil, either the xtra-thick tap magic or rapid tap. for just drilling a few holes though, anything is probably better than nothing
That's what I use too, for everything except cutting threads with a die, then I use Seafoam Deep Creep or whatever penetrating oil I have on hand. But I'm not doing any of this on a big machine or mill, just using a hand drill usually. The wax really seems to help make drill bits and Sawzall blades last a lot longer. I'm kinda sad when I think back at all the blades and bits I ruined when I was young, by running them dry. Any oil is better than nothing. Live and learn I guess.
We used Cool tool II at work for drilling and tapping. It is real thick also, works great https://www.monroefluid.com/product/cool-tool-ii/
Lol. I use Trefolex, but never heard it called that. It's quite appropriate. Number 1 Son refers to heavy gear oil as "liquid arse" due to the smell. Cheers, Harv
I have reactions to a few cutting oils, I use them sparingly. Cim Cool gave me a rash, other things cut off my airway especially in a mist form. Over the years brake fluid became toxic to me. My partner at work, it gave him blood poisoning late in his career. One of the main reasons for getting out of the car business was the chemicals I was exposed to... later realized it was out of the frying pan and into the fire with machine shops.