For just a general all purpose cap and ball lube (more on cylinder pin than over the ball) and I use it on leather as well. Equal parts extra virgin olive oil, bees wax and neatsfoot oil. I heat the olive oil to warm enough to melt the wax, then blend in the neatsfoot oil. Last time, I used an old hand mixer and whipped it as it cooled. Nice and fluffy, spreads well. On warm days it can be messy though.
As to using the kidney fat from beef, that would be awesome in a lube, but you are killing me, that is perfect suet for Christmas puddings!