SS2, I don't want to break your heart, but Grainger never manufactured a damn thing. That jug is a Champion in my estimation, and the pully on the motor is too large. Unless you absolutely need to push that machine to the maximum I'd drop the speed down for another 20 years of life on the machine.
As far as what kind of slippery juice you put in it is concerned, 1-800-645-5823 (1-800-OIL-LUBE) for Technical . Tell them what you have and what you want it to do and the slippery stuff will be on the way, probably at a lower price than Grainger will charge. DA ain't been wrong in over 50 years I been using their products in a hell of a lot more expensive machines than that compressor.