Are there any good recommendations for oils that are good for lubing reels? I dont want those really expensive 'reel oil'. but the regular oil for lubing machines that will work on a reel too. Preferably one that i can find in walmart.

I don't use oil , I use corrosion block. 1 Small container has lasted me about 3 years and have plenty left, does a great job, cost about $8.00.

You can find Quantum Hot Sauce (oil and grease)in WalMart. Quality lubes are not expensive though and a small container lasts forever. I do my own reels and use Yellow Rocket Fuel on the bearings, ReelX on the worm gear, SuperLube on gears and Shimano drag grease on the drag washers. I recommend that you stay away from basic machine oils for your reels and do not use WD40 on your reels.

I use Sid Harvey's motor and bearing assembly oil or 3 in 1 SAE20 oil. Some suggest using Rem-oil, however I've never tried that. All are widely available at most hardware stores.