In response to an email I got from Randy :

"Beemer Precision, Inc. is the manufacturer of Oilite and Excelite Bearings. Oilite has been a name common in manufacturing for many years. Now Beemer Precision, Inc. has an excellent Web site to fill your needs. We recommend requesting a catalog through the Web site as well. You will find useful tips about machining Oilite on page 7 of the catalog. A helpful Tip from page 7 concerning machining is, "honing and grinding are never recommended on Oilite bearings on any surface which will become a bearing surface". You can find Beemer Precision, Inc. at "www.oilite.com"."

There are differences of opinion on this... but I originally read it on an instruction sheet in a box of oilite bearings.... since it was from the manufacturer I took it as gospel...