Hi Alex,
There are various thoughts on this but in short no...(with some exceptions)
Where possible it is wise to use the recommended lubes/oils however, this is not always possible or viable. There are some very good products in the aftermarket category which are very good...TSI, ZPI, ReelX, Super Lube (Synthetic), Cal's, Quantum, Boca Lightning lube, Boca Pre-soak etc etc
In regard to the amount of oil/grease...This really depends on the type of grease/oil you are using, amount of use (fishing) and the time between servicing. If you are using the "port" you wont be able to see inside the reel - this comes down to feel, how easy/difficult is it to turn the handle/rotor?...is the reel noisy?...grinding etc. I would start with a little and go from there...
From memory the Stella (for example) is supplied new with a small bottle of Shimano oil only, no grease. Adding oil is OK, but eventually the oil will start to combine with the grease and it will start to thin it out.
Most people are of the opinion that a reel should be ready to go from the box...and generally they are, however that is on the assumption that they are maintained and serviced regularly (according to use)...is the reel dunked often?...long storage periods?...high salinity...high use etc
The best advice I can offer is to have your reel serviced when "new"... sounds a bit odd, but if this had been done to the reels that I have serviced in the past..more than half would not have had issues and would have lasted longer than they did. This relates to all reels but particularly game/charter reels...these get a thrashing and once the boys set them up they don't like taking them off line until something doesn't work.
Recommendations..Rinse/wipe off reel at the end of the day (pay attention to the line)
Apply grease to exposed screw heads regularly (including alloy/steel retainers, handle shaft/pinion - hinge)
Apply small amount of oil to external moving parts (side of line roller, bail arms, handle joints, t-bar/knob)
Ensure reel is dry prior to long term storage (service prior to storage - remove line if viable)
ProductsLots of options here, I have had great results with the following
TSI 301 - (penetrating oil/lube), used for seized parts and bearings...great for spool bearings (faster than any other high speed oil I have tried) excellent protection (minimize contact with plastics)
Cal's - comes in 2 options...thick/thin, Mainly used for drag washers but can be used on parts
Hot Sauce - Thin HS oil, great for bait casters..bearings etc
Lightning Lube (Boca) - Light grease, use this mainly on spinners
Super lube (synthetic) - can be used on drag washers (CF) and moving parts..medium/heavy weight (tacky) - can mix down with
Super lube oilPre-soak (Boca) - good for bringing life back to bearings
Yamaha (blue) - grease, used mainly on conventional reels - medium/heavy weight grease
Lightning oil - HS oil, bearings
As above lots of options and everyone will have their own way of doing things..the key though is "doing it" or at least getting someone else to do it..
If you intend to open up your reel and are a bit unsure, make sure you have at least the schematic and plenty of time to do it. Alan's site has many tutorials (incl pictures) and is a great resource.