With a single- point bearing, I think the above is true. I did the testing myself and settled on a product I sell. It is fully synthetic in my case but also used over a (now) ten-year period without the need to change it.
Another thing that happened in my case is the cheap steel ball used as the bearing developed a flat spot. The original oil is not able to withstand that single point contact pressure. EP lube is absolutely required so it is not removed from the tiny contact surface.
I don’t know that oil type and/or viscosity can directly influence bass reproduction; but I can say that the mechanical noise of the table rotation absolutely can. And does.