I have a recipe around for Ed's Red, and it is in fact mostly ATF and solvent with some oil added. I made some years ago, it worked OK and was definitely cheaper than store-bought solvent, but it sure was messy keeping a bottle of that stuff around. When I ran out, I went back to Hoppe's #9 and Bore Shine. Costs more, but how much do you really use?
Never try to educate someone who resists knowledge at all costs.
But what do I know?