I used to operate a large bandsaw when I worked for a joinery company, the blade on this thing was 27' long.
It had a reservoir that you would fill each day before work with a mixture of (very) light oil and paraffin, on some occasions we would use diesel oil. It was not for lubrication, although I am sure it did lubricate to a certain extent, but it was to stop the sap sticking to the blades and pulleys.
On smaller band saws I cannot see the need to lubricate unless you cut up loads of wet or "sappy" wood. It is probably more important to ensure that the saw is regularly maintained and that the correct blade is used for the job.The introduction of a wet lubricant will only cause sawdust to solidify which will in turn produce problems of it's own.