I got the whole "two drop" thing from a Glock Armors class.
They made a point that you should use two drops and no more.
Over lubrication isn't an issue during "normal" plinking/target shooting. However, when I have taken formal classes where you shoot A LOT of ammo per day, when you take the gun apart, there is almost "mud" in there. I realized early on that this excessive lubrication was unneeded and IMO could present problems.
With a carry gun, you do accumulate lint and it sticks to oil and grease. In addition, you are carrying the gun underneath your clothing. Excess oil comes off on your clothes.
On most of the guns I own, I over lubricate them. That is, over lubrication from my point of view which is way less than some others have posted. I know I am not going to be getting them super dirty. I am not going to carry them. So, I figure that in addition to preventing wear and promoting smooth operation, it also provides rust protection.
I guess it depends on what you do with your guns as to whether this is an issue. If you arn't having any negative issues with over lubrication, that is certainly better than no lubrication.
You know the rest. In the books you have read
How the British Regulars fired and fled,
How the farmers gave them ball for ball,
From behind each fence and farmyard wall,
Chasing the redcoats down the lane,
Then crossing the fields to emerge again
Under the trees at the turn of the road,
And only pausing to fire and load.