I think the point is lost again, and this is becoming another ****ing contest over right or wrong.
Again, everyone here can relay their own experiences, and no one should really care about what someone else does. They can take the advice given here, or choose to ignore it.
Once again, the question was whether ATF would work. Most likely, yes, and probably for a long time with no ill effect. It would be an individual preference, and mine would be to use what I have found works for me, synthetic motor oil, for any number of reasons stated prior to this.
Fact is that whether you spend $8.00/oz. for Labelle, or use the bottom of a bottle of Mobil 1, it doesn't matter as long as it works and doesn't hurt the finish on the train. We can talk about corrosive properties, evaporation, bronze bearings, etc, but the reality is that in our lifetimes, none of it matters, because the trains will outlast us.
I understand not using anti seize on porous bearings, but that may be about it, and I suggest failure would be decades away.
Just use common sense and everything will work for a lifetime. I'm running some 95 year old trains at times. I doubt there was much thought into their care until bought by a collector. They run amazingly well with no issues. Probably used the crappiest oil and grease that was available back then because they were just toys. We seem to forget that, and put these things on some sort of pedestal, making them something they are not. They are cool, they are expensive, but they are not complex machines needing NASCAR or NHRA technology or even special train oil to keep them running. The manufacturers basically determine lubricant by whether it will do the job, protect the metal while stored, and not hurt the product. Any more engineering than that, and I suspect you're giving them more credit than is due. Look at the out of the box failures, and think about whether they scientifically designed that little tube of oil they give you. Yeah, that's a snip, and I'm sorry, but I'm a bit frustrated with this.
Common sense would dictate that a car engine is much more stressed than a toy train motor, and therefore, if the automotive oil does not hurt the painted finish (it does not on tinplate), then it's use should suffice on the trains. Not rocket science or engineering. Just common sense.
So use whatever you like and as long as you keep it cleaned and lubed when it needs it, it will last a long time