IMO, Ed's Red is more of a cleaner and solvent than a lube. If you follow the recipe it's got kerosene and acetone in it; Those are going to break up the lubrication properties of the ATF component. I do use the stuff, but as a cleaner, and it's a pretty good one.
I've read some articles that say ATF by itself is an excellent lube and protectant, and is thick enough not to flow off the surface. Better than straight motor oil, in any case. (Don't ask me why, I'm not a chemist, but it has to do with the strength of long chain molecules.)
Despite that, when I want to lube "on the cheap" I use Mobil-1 motor oil. 15w-50.
It has no scent and is virtually inert; ATF stinks to high heaven. Since I sometimes clean my guns at the kitchen table I'd rather not my house smell like a transmission shop.
I've also found that Mobil-1 grease is quite good, and quite cheap compared to $7 for a 1-oz tube of most "gun lubes".
There are several well written papers out there on the subject. A couple written by industry people who point out that there is nothing special about "gun" lube, and that good lubricants are good lubricants. Some have properties that will aid long term storage or protection, but really there's not a lot of sense in spending huge amounts of money on boutique cleaning aids.
Then again I've got a cabinet full of cleaners and lubes that I've just "had to try"... My latest favorite is Ballistol.
-- Sam
ETA: And if you want the ultimate in silly, you can buy pre-made Ed's Red from
Brownells. Yep, you too can
buy a product whose whole point was to be a homebrew remedy... ($8/4oz retail. I think you can make 2
gallons of ER for $8...)