If you could keep the gears in a bath, it could work out OK. but anything other than that is just asking for inconsistancy to be added the the mix. Aside from dust issues, the relative motion of the teeth with the pinion is massive compared to the motion of the pivot in the plate. This tends to spread the oil out and allows it to flow to parts of the wheel that it does no good to, namely the sides.
So far that seems to be the general gist of several hundred years of clock history.
If you get a chance to see the amount of filth that builds up on a clock movement even in a so called clean environment you would really be able to see that the gears are better off without any oil on them. The oil serves very well to hold any airborne dust directly in the path where the added friction will do it the least amount of good. While the new synthetics are quite less apt to evaporate, they still work very well at sticking dust down.
There are a lot of clocks out there that are very old, running on their original teeth. They will continue to do so as long as the pivots and plates get their due care and attention, keeping the gears at their proper depth to the pinions, and they don't suffer a catastrophe in the form of a blown up spring or some such.
Cheers Trevor Jones