Best thing that happens is all the parts that do not get lubricated get some well needed oil. I run all my old 2 cycle oil and gas through my mower at the end of the season before I put them up for the year.
When I get an old mower for fixing one of the first things I do is drain gas and replace with 2 cycle gas oil mix. Then remove spark plug and turn it over. Wait till next day and start work. I like everything all oiled before I start.