It may be among the oldest, but most used? My only response to that is that I have never heard of it before now.
Technical writers for the NRA observed 50 years ago that almost any mix of wax and lipids (fats or oils) will make an adequate lube for velocities up to 1200 fps. But for high performance cast shooting to 2000 fps and beyond, I don't know than any mix has been as widely tested and lauded as the "World Famous Lube" by the late Felix Robbins.
Of course its the oldest, dating back to buffalo hunting times and for a great many years was the standard lube. So has it been the most used of home made mixtures? I would think so.
In fairly recent years every gun writer, often when he can't think of anything else to write about, comes up with a sure fire bullet lube that beats the old types hands down and ads velocity to the cast bullets.
I personally don't believe this and I will tell you why.
Over fifty years ago I got hepped up by cast bullets and I did some major testing with them in a 30-06 rifle. I wanted to see how fast I could get them to go, with huntable accuracy. I shot all winter at a range, the only shooter at the range using cast bullets. It is accuracy that limits the velocity of cast bullets. You get a good load, keep adding powder and bingo, the groups go from under two or three inches to flyers that go a foot or so, out of the group, with only a grain or two more powder.
I tried about ten different powders, three or four different styles, diameter and weights of bullets and every kind of bullet lube I could buy, or dream up. But nothing changed. In particular I came to the conclusion that it made no difference what bullet lube was used, be it anything from water pump grease, the highest quality automotive, high pressure grease to bees wax and beef suet. There was nothing that you could say worked better than something else.
There was a lot of snow that winter and since I was the only cast shooter, I could gather up the lead bullets in the spring, knowing they were all shot by me. If a bullet is stopped by normal, not wet, hardened or drifted snow, the bullet is completely undamaged and is just like it came out of the rifle.
By looking at the shot bullets, I made a major discovery!
Quite a few of the bullets had a groove, about .01" across, through the gas check and full length down the side of the bullet. Without doubt, these bullets had been the flyers and again without doubt, chamber pressure had blown the groove down the side lf them. This is why hard cast bullets, like linotype, will stand more speed than softer bullets and gas checks help to hold the pressure behind the bullet, instead of blowing past it. It is also obvious that a groove down the side of the bullet with chamber pressure blowing through it, will cause the great flyers.
I have never heard of, or read, of anyone else discovering this. But it is winter and any of you in snowy country could make the test. The snow should be at least a foot deep. Shovel a place down a foot or so and large enough to get your rifle below the snow line and level. Fire it into the snow and in the spring, pick up your bullets. A cast bullet may stop in 4 to 6 feet, while your jacketed 270 bullet may take ten or twelve feet to stop. But if the bullet hits nothing hard, when you find them in the spring, should be just like they left the rifle.