If you look in any engineering book about oil lubrication in bushings, the theory is that a film of
oil is "pumped" into area between the axle and bushing by the relative rotation of the two parts.
The friction in a properly set up system like this is just the shear in the oil. The axle should
never be in contact with bushing (gas engines self-destruct when this happens - although car engines
apply pressure with an oil pump but the idea is the same). Obviously, too little or too light an oil
will result in a very small contact area with a high contact stress between the axle and bushing
which generally results in higher friction with a siezed bearing or relatively rapid wear. It would
also suggest that a chain lubricated with a light oil might have very low friction with little load
and high friction once a big load was applied.
Personally, I used 80 wt. gear oil and accept the dirt which, so far, has not appeared to impact the
friction in the system at all.
When I used to battle with off road motorcycle chains (to keep them lubricated), the process that
lasted the longest was to melt axle grease into a fluid and dip the chain in it.