The bit about the usefulness for lubrication is fairly wrong. To put it simply, it's useful because it's a corrosion inhibitor. And while it works it degrades pretty rapidly in a hot gearbox. Synthetic alternatives were simply better. And they were developed and gaining traction before the ban, because they were better. Industrial machinery mostly doesn't need those properties. Whale oil is a poor lubricant by itself though it can look decent if your frame of reference is what's available in the 1860s.
Between what you found and what I found I think the whole thing is kinda sus.
Edit: To clarify, Whale oil is hydroscopic-ish but in a weird way, not like glycol (I'm not a chemist so IDK). My understanding is that it makes some sort of film that's protective against condensation. Gearboxes operated outdoors don't generally need this corrosion inhibitor. It has to do with the glues used on or in automatic transmission friction material and how very sensitive they are to water. You can't have water building up from ambient conditions and short trips or they'll delaminate. Your alternatives without something like this are rivets or different glue, both of which perform worse and cost more.
Between what you found and what I found I think the whole thing is kinda sus.
Edit: To clarify, Whale oil is hydroscopic-ish but in a weird way, not like glycol (I'm not a chemist so IDK). My understanding is that it makes some sort of film that's protective against condensation. Gearboxes operated outdoors don't generally need this corrosion inhibitor. It has to do with the glues used on or in automatic transmission friction material and how very sensitive they are to water. You can't have water building up from ambient conditions and short trips or they'll delaminate. Your alternatives without something like this are rivets or different glue, both of which perform worse and cost more.