Maybe Lamont can either confirm or deny this for me, but depending on the specific application, we have been using an EP150 gear lube. We have been installing automated lubrication systems on bandmills, chipheads slides and ways in sawmills for quite a few years.
The results seen indicate that with the basic design of parts sliding across each other, the EP additives provide metal to metal separation. If we have water in the mix (some spray water onto the bands during cutting to help cool) we move to a way oil as it works better in the presence of water.
The 150 is also light enough to "wick" into the parts if not applied under pressure, but still has enough film strength to provide good lubricity even under heavy loading.
There may also be other products that work better, but then price starts to become a factor as well.
Dean.