My lathe came with holes for a taper turning attachment drilled and
tapped into the back of the carriage.  I use one of these to secure a
general purpose adaptor that accepts (among other things) an adustable
holder that projects out over the area where the tool meets the work. 
The oiler assembly drops into this so it can be positioned exactly over
the working area.  The cup is filled with cutting oil and the valve
adjusted to a flow rate of a drop or two a minute.  Slicker than deer
guts on a glass doorknob and my hands are free to attend to other things
plus a lot fewer brushes get eaten by the knurling tool.