If lubing the bits and pieces a jet aircraft or a multimillion dollar piece of machinery, the use of past its service life grease or any other substance or material is bad idea. The use of forty year old grease in a typical firearm may set the teeth of keyboard commandos chattering but you are not going to harm your rifle or suffer any dramatic malfunctions in the real world.
Now, if you’re a member of an uber elite tactical unit where it pays to eliminate any theoretical risk, no matter how slight, go ahead and use the latest tier one super lube that the taxpayers provide. Likewise if you’re an average Joe who carries or keeps a gun for serious defensive purposes, simplify your life by using a good quality modern lubricant. If for no reason other than to silence the voice of doubt in the back of your mind worrying about the old grease.
If you’re a normal guy, like 99% of the forum members here, and you are faced with nothing more dangerous than paper targets and tin cans, use it up and have fun doing so.