Yes, It's hovering over the oil trough as you can see.
Oil viscosity, The size of the screw head and depth in the oil, change the damping characteristics.
Yes, We have tried dozens of different viscosity's and settled on 50 weight Mobil 1, Best sound... No Smell!
Every year when I change the fluid I listen for a few hours without oil and it reminds me about some of what I do not miss about pivoted arms.
The sound is "Overly lively" in other words artifacts appear as extra high frequencies that obscure fine details. The difference between with and without is what I would call, Massive!
Inner groove distortion, Skipping or miss-tracking on warps, poor tracking on some recordings, Poor high frequency performance...
All the problems I've not dealt with over the past 20 years since machining this tonearm.
And I've got one left to sell...
See it in operation...