Quincy,
I'm not sure any way oil has the ability to reduce the build-up of chips, but some years ago in looking for US equivalent lubricants for my British lathe I found that most of the oil called for was essentially an ISO68 hydrualic oil. I began using that and eventually adopted it for almost everything in my workshop requiring general machine lubrication, including way lubrication, and it does very well. It's formulated for high pressures, has rust inhibitors, and is sold at almost every Farm & Home or auto parts store in everything from quarts to 5-gal pails. I'm presently I'm using Chevron "AW" ISO68, but all refiners make exactly the same thing.
I don't know how this oil stacks up against specific way oils in viscosity and tackiness, and at first glance the ISO68 looks to be kind of light, but then I don't want molasses on my ways anyway. However in operation it's not too light at all and what I've discovered is that if I clean my ways and slides real good and then add a good flow of fresh oil, and move the carriage and tailstock back and forth a few times, this oil will float out a surprising amount of metal dust which was still hiding under the slides.
PS - FWIW, I recently replaced all the way wipers on my lathe (after 25 years!) and the tell-tale metal dust hiding under the slides has all but disappeared.