For thread cutting - esp doing single point on a lathe - I like to mix some anti-seize compound in with thread cutting oil. A baby food jar and acid brush is a huge amount considering how little is used. Works very well using a tap by hand too. For home made, lard with anti-seize compound would be good.
There are so many good cutting oils and tapping fluids out there, you use very little, and they aren't crazy expensive to begin with - not a real good reason to not just have some on hand. But if one were to realize at last minute there's none left, some lard with a little anti-seize will do very well.
For a general purpose cutting oil this stuff for $7/can @ HF is great. Very convenient in the aerosol can, sticky so it really clings to work, and works well for most uses other than exotics.
12 Oz. Thread Cutting Lubricant You will definitely see much increased life from your drills using this vs burning away on steel with no oil. Unless you just really enjoy sharpening drills, I consider a can of this a 'must have'.
Exception is aluminum. Plain old WD-40 is fantastic for drilling, threading, tapping, turning, or parting AL