It all sounds good, except that "Wet Oils" are not friendly to AL recv'red firearms. I suppose it'll work in a pinch though. (I just don't want to think of the 'smell' that's going to be coming out of that M16 once that tuna oil begins to go rancid!)
Canned tuna must be rotated on a very regular basis, or you can be more than 'sorry'.
Michael