Ill be the third to go against the grain here. In my experience, White Lightning flaked away easily and basically did not perform well in making the blade any slicker/smoother. After trying nearly everything, I think that 3 or 4 oils can cover EVERY situation, for grease I would say Superlube or SS Hi-Slip. No specific order on the folder lubricants:
Tuf-Glide/Cloth
Militec-1
Rem-oil
Breakfree/3in1/corrosionx e.t.c.
It is a trade off like everything else. What you lose here in rust prevention, you get there in slickness or low viscosity (speaking of room temp obviously.)
For instance, as a light oil rem-oil is great for being slick and rust preventative, but it evaporates somewhat rapidly. Militec does not evaporate (and if you check out Mr. Gollnicks site you can learn how it actually bonds with the metal after beign put through a short process), I know that MIlitec does make folders slick for sure, but it is thicker than rem-oil, but with its lubricity it doesent really matter IMO. Tuf-glide has it's applications as well, but IMO it wears away thrice as fast as rem-oil, but it is totally dry so... Always gonna be a trade off. Good luck, stay away from wd-40 and enjoy your knives.
JC