It will work just fine if your load (ball and patch combination) is tight enough.
I use water based lube for target and trails, normally, and an oil like Neetsfoot Oil or Track's Mink Oil for hunting.
One thing about the crisco, is that if you, like too many people use too thin a patch and ignite the patch due to blowby of the flame and gasses, they smell nice(r) when burning.
edited- HA!- hungryhorse- lol-