Okay, first lets get a few things straight:
When a Toyota Engineer (or any manufacturer) SPECIFIES a particular type of lube for a particular bearing or 'joint', he/she doesn't choose by rock/paper/sissors. They didn't put gear oil into the differentials and grease into the knuckles just so auto part stores would have to stock more stuff.... What goes on at the microscopic level in different types of 'joints' is very different and this leads to different types of lubricant.
Grease (and not just the cheap stuff, but molybdenum disulphide) is used in a birfield because of the high pressures involved. Not that the axle housing is pressurized, but the six little ball bearing get forced into the birfield create high pressures due to their small contact patches. The GREASE is used because it can withstand these high pressures without breaking down (at the molecular level) and losing it lubrication properties.
Gear oil is used in differentials because of the inherant design of the Hyploid gears. As well as creating contact points where the gear teeth mesh, the ring and pinion teeth also slide past one another with a shearing action. This shearing is why hyploid is specified. Cheap oil can't withstand these shear forces and will break down.
The long and short of it is:
Yes, both oil and grease are slippery, and both bearings and gears need lube, but to say they are interchangeable is simply not correct.
Now to address your case:
You say your mechanic thinks it will work. I have to agree that sometimes all it takes is a little thinking outside the box. However, don't you think that with all the issues brought up by people here, you're justifying doing something without really applying sound knowledge. Hey, lets face it, most 20+ year old toyota knucles will weep an oil/grease mixture akin to oatmeal. But, once cleaned and replaced with new parts, they will be trouble free for many years. END OF STORY!
They leak due to being old and not maintained, however, they're not poorly designed. Why not fix the problem at hand and not have to deal with all the fiddly issues that crop up (yearly knuckle rebuilds with new wipers, weeping hubs, 'drips', etc) much less depriving your birfields of the correct lubrication they need. Also, the lube that the birfields need is between the ball bearings and the bell. The 2 lbs. of grease between the bell and the knuckle housing doesn't do anything for the birfield-bell-to-ball-bearing wear surface (we put it in there to catch busted shards, suspend dirt and metal away from the contact points, and so when you turn, the birfield doesn't squeeze out its grease). To address your birfields lack-of-grease issues, they need to be disassembled periodically (more that once in 20 years) and grease packed INTO the birfield bell. Filling the knuckle housing via the plug does NOTHING for the internals of your birfields. Putting gear oil into your knuckles does get lube into your birfield, but it doesn't do what it's supposed to when it gets there.
I understand your open-mindedness regarding this as an experiment, so why don't you send your oil out to get analysed when you do a fluid change. I'd be interested to know what the condition of the gear oil was, and also the amount of metal particles in it. Some before and after pictures (1000+ kilometer swith the hubs locked or off-road) of the wear surfaces on the inside of your birfield bells might be interesting and educational.
Cheers,
Steve