brightnorm,
Your right, anything with a petroleum base would cause problems for natural rubber o-rings. You are also correct about Arc's o-rings..I think they are Nitrile. I seem to recall Peter even said his Arc's are ok using plain old Vaseline.
But your right, you would want to be sure of what your o-rings are made of before using the Radio Shack Lube Gel. Although, I'm not sure natural rubber o-rings are used much any more.
mike