Phil is correct with his suggestion about if it ain't broke, don't fix it. If the rotor is running quietly, it doesn't need oiling. If you add oil to a rotor that doesn't need any, it can possibly bog down the rotor and cause it to run slowly.
The main reason you shut off the bulb is because heat makes things expand. As things contract during the cooling process after the bulb is off, it allows the small well around the pinion gear to suck in the oil. At least that's the theory as I understand it. Some rotors will suck the oil in quickly, others not so fast. This heating process works best on copper clad rotors, but I've had success with aluminum ones as well.
The other reason to turn the bulb off is plain and simple -- so you're not blinded while you're applying the drops of oil.
On the Telechron collectors' site, 3-in-1 in the blue bottle is what the experts there recommend. I think it's necessary to take into account the heat that's generated as the rotor operates, which I presume makes the blue 3-in-1 the preferred lube. I have clocks with bulb-treated rotors running in my unheated garage, and lately we have had temps down near freezing overnight. Those clocks are still keeping perfect time, as they have been for a few years since I repaired their rotors. As the Telechron ad copy used to state about their clocks, they can't run wrong.