Found this -
Whiting putty shall consist of a mixture of whiting and linseed oil and shall contain not less than 12•5 per cent. by weight of linseed oil. Any colouring matter used, together with any impurities in the whiting, shall not exceed 5 per cent. by weight of the whiting.
The above is ordinary glazing putty
White lead putty shall consist of a mixture of whiting, white lead and linseed oil. The content of white lead shall be not less than 8 per cent. and not more than 12 per cent. by weight of the whiting. The putty shall contain not less than 11 per cent by weight of linseed oil.
The topsides putty we used to make was at least 20% white lead + a dollop of grease
Red lead putty shall consist of a mixture of whiting, red lead and linseed oil. The content of red lead shall be not less than 3 per cent. and not more than 5 per cent. by weight of the whiting. The putty shall contain not less than 12•5 per cent. by weight of linseed oil.
This sounds like Billy M's mix

Grease type ? - whatever you have most of.....and no, linseed oil is not a replacement for the grease.