I searched for an MSDS(material safety data sheet) for STP and found the following:
http://www.sheedycrane.com/pdf_file.../090806 STP Oil Treatment Formula RM-3579.pdf
Heavy naphthenic petroleum distillates 15-40%
Hmm, interesting, naphthenic petroleum distillates are not a lube oil
Solvent dewaxed paraffinic petroleum distillates 60-80%
This is a what a lube oil is
Zinc Disalkydthiophosphate 1-4%
Anti wear agent added to lube oils
Calcium sulfonate 1-4%
A thickener used to make grease
Amine grafted ethylene/propylene copolymer 4-11%
Lube oil VI(viscosity index) improver that helps to make sure the oil stays thick when hot but doesn't get too thick when cold.
It seems STP actually is 60-80% lube oil but has up to 40% of non lube oil naphthenic hydrocarbons(think hydraulic oil). The rest 6-19% are lube oil additives.
The fact that it does contain up to 80% lube oil and up to 19% lube oil additives explains the success some have had using it in Model A transmissions. The other probably is that the Model A doesn't demand an especially good lube oil as STP can have up to 40% of what is not a lube oil.
BTW I am a chemical engineer recently retired from an oil refinery.