There in an
oil fluid level check plug on the side of the gearcase and a filler plug on top. Gear oil is the desired lubricant. I run cheapo Sta-Lube 85W140 with zero issues. Thinner oils seem to result in "notchier" action in my experience, YMMV.
Conversion consists of (as per Snidal) filling the gearbox with engine oil to the check plug then running a couple hundred miles, drain & repeat a couple times. The transmission gears churning, plus heat & vibration emulsify the old grease. After a couple treatments refill with gear oil & move on. The only leakage issues I've had were from the clutch pushrod cap. One machine had a cracked cap and another a bad cap gasket. These machines ARE NOT JAPANESE, so a few drips is to be expected. Back in the day they were as oil tight as anyone else. Keeps the dust down, right? Another use for cat litter. I think the amalgam (oil & grease mixture) filled gearbox was to salve the Japanese oriented Euro & US buyers conscience as grease/amalgam leaks slower than oil. By 1990 when imported Bullets became available in Europe & the USA buyers were conditioned to not see
any leakage. Not really possible on this 1935-ish design.
The primary side likes ATF, any multigrade 15W50 or 20W50 engine oil works fine. These are low RPM, low BHP sloggers, not Offenhausers. Any modern multigrade engine oil is way better than the 1940 era straight weight oils. I run Walmart sourced 15W50 Mobil1 ($25/5 quart jug) in everything. I don't own any Space Shuttles. The good news about 3 different oils is that you generally know right away who the big offender is...