Joined: Aug 2010
Posts: 12,689
Likes: 2,094
From: Madison, WI
Bikes: 1961 Ideor, 1966 Perfekt 3 Speed AB Hub, 1994 Bridgestone MB-6, 2006 Airnimal Joey, 2009 Thorn Sherpa, 2013 Thorn Nomad MkII, 2015 VO Pass Hunter, 2017 Lynskey Backroad, 2017 Raleigh Gran Prix, 1980s Bianchi Mixte on a trainer. Others are now gone.
You mentioned a electric drill, but how fast was the wheel really spinning. You probably need two revolutions per second to approximate 10 mph.
I would not worry about old lubricant for only a few minutes of experimentation.
I used a bottle dynamo on my errand bike because I wanted a front to-be-seen light in the evenings for short rides near home. But otherwise, bottle dynamos are a major inconvenience in my opinion. The LED light options out there for a low cost are much better options than the options that were available when bottle dynamos were one option. The noise, the poor light, the drag on the tire, the chance that a downhill run would blow out your bulbs, these were reasons to want something else. I think the drag was not that bad, but the noise made you think that the drag was much worse.
Is this a restoration project?