Is that what the Ford manual calls for?

Harry Pope's Lube ...
Six ounces mutton tallow.
Four ounces bay wax. (Bay berry wax)
Two ounces beeswax.
Two ounces steam cylinder oil.
170 grains (two heaping teaspoons full) of Acheson's graphite.
Melt the ingredients in a double boiler, and agitate while cooling to aviod precipitation.
If this lubricant proves too hard for use during cold weather, omit the bay wax, which will usually aid in tightening the groups. 

Acheson's graphite.
In one variety of graphite, No. 1340, 98 per cent, of the graphite particles are less than 3^ in. in diameter. From this or similar graphite Dr. Acheson produces what he calls deflocculated graphite by kneading it for a long time with water in the presence of a vegetable extract, such as tannic acid; the graphite particles in this process disintegrate into particles one thousand times less in diameter, in fact, Dr. Acheson estimates that each particle of the "1340"  graphite becomes divided into 700,000 particles, a smallness of size bordering on the molecular, and the graphite becomes diffused in the water in colloidal form.

Frank, it was not identified ...
"The Story of Pope's Barrels", by Ray M. Smith, page 97.