Its stupid because the obvious "Automatation" Scheme will magically appear to make it completely infinite.
I rather have a long duration "Oiling" that only reduces the amount of wear by 50% and can only be applied with special means (Ergo no automation), Than a short duration one that makes the wear 0 and can be applied with any means (Ergo killing the joke of the whole wear mechanic)
I can even forgive the no automation on the long duration one, because the machine will eventually break and will required player input for that. Something that will not happen with the short duration one.
I'm not too for automation (And above all, scaring EE servers).
But I wouldn't like replace my machines all the time.
But if it's only internal components breaking, why not ... or maybe make them heat, as Nuclear things, so you would need Coolant cells + Oiling and the heat would avoid people using it in factory because of a very slow rate of operations their machine could do. (It would need cooldown times, wich isn't a problem in your base, but it is a big problem in your factory)
So, for normal usage it won't take problem, assuming you can use your machine in a very intensive way but, 10 minutes later, you'll leave it to mine/farm/built/use another one. But for Automation, it would mean: "decrease your production rate by 15".
Still not convinced ?
PS: Or simply, the cooling couldn't be done by coolants cells, but by liquid coming in the machine, so with the lubricating oil transported by pipes too, you won't have enough space for BC/RP pipes ^^. Or adding the 2