I don't add the lanolin either. Works well enough with out it.The lanolin is optional... and really only would add it if I wanted to do a long term storage. I don't normally add it. I clean way often enough. At least everything within a year. So I never add it.
You'll just need one quart of the ATF (Mercon/Dextron) and a Quart of Mineral Spirits... and a quart of the Acetone... and as to the K1 Kerosene you can substitute good clean Diesel fuel (I substitute with clean Bio diesel sometimes) or Home heating oil here and you got 1 gallon of it when your done.
The beauty of Eds Red is that you can buy all of the ingredients at Wamart or Lowe's. That makes it very convenient.
It does need to be stored in a glass bottle though.