The air tool oil is pretty light weight, if that is the lightest you have then go for it, it's similar to ATF. I would use some brake cleaner on the rear bushing to dissolve the old lube, keep the speedo face up so you don't get cleaner in the housing, then use a few drops of oil.
1957 Chevrolet 5700 LCF 283 SM420 2 speed rear, 1955 IH 300U T/A, 1978 Corvette 350 auto, 1978 Yamaha DT175, 1999 Harley Davidson Softail Fat Boy
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