That's what I'd do. I've done some additional prep on my SD70ACe's, which you may want to consider for your F3 units. Definitely check the copper strip pick-ups, as Dave mentioned. I also put a little conducta lube on them, too. I also checked the metal worm gears that drive the gears in the trucks. They'd sometimes have something hardened on them, probably some kind of grease. I very carefully removed any contamination with a dental pick and then placed a tiny drop of Labelle lube on each gear. I originally thought I was having track problems when some of my SD70ACe's were running erratically. After doing the above, the problems went away and they now run smooth as silk.
Conducta Lube is a hydrocarbon-based OIL. At least that is what our $250,000 chromatography analyzer says. It does NOT have any conductive properties (> 100 Megohms). Its purpose is to keep contacts from getting corroded, there 'maintain' continuity.
So: I dispute your first sentence: it's not an oil, as most people interpret an oil. I dispute your second sentence in that your analyzer does not say it is an oil (but it is hydrocarbon based) I don't dispute your 3rd sentence, but no one made any claims about the liquid being conductive. I dispute your last sentence, it is not congruent with the manufacturer's claims and intended usage.
To finish this topic with a related post : yesterday I got my F3A-B from "HRT" Germany, I made the break in separately, the A-unit runs slightly faster than the B-unit but together they run without any issues ... Now I have a typical "US" loco, the GP7/9 look like our "BB63000" (greetings to all french friends), but for me the typical american locomotive was always the F3/7 series (mostly shown in ATSF "red warbonnet" or NH livery in the catalogs of Märklin and Fleischmann in the 60's).