All of the reasons not to masturbate including hairy palms and poor vision are nothing more than old wives tales without any basis in reality. Masturbation only becomes a problem if it is an obsession that interferes with your life or your relationships with others. It may also be a problem if it keeps you from going out and developing a relationship with another person. Since the intestines are designed to absorb, I assume that the list of chemicals found in lube are passing into my bloodstream. A good lubricant should be water soluble.
Oil based lubricants can clog anal glands and damage latex condoms.
If you choose a lube with flavoring or dyes, there is a chance that you could be allergic. Most men tolerate these types of lubricants without any problems. You should try different lubricants to see which one works best for you and then keep a good supply available. You can also buy small packets of many lubricants to keep in your pocket if you are going out for the night. Above all, please don't reach for hand creams or vaseline.