A "blank" SDS really could mean two distinctly different things about a product's safety. It's either:
1.) The product is as safe as Johnson's Baby Shampoo
2.) The chems are new to industry, and OSHA/NIOSH hasn't gotten around to testing them yet.
The thing about option 2 is that the backlog is 30 years long.
The part that cheeves me off about Anchor Lube's SDS disclosure is they don't even offer toxicology data, as required by the Globally Harmonized System and OSHA's Hazard Communication Standard, both of which are law in the USA. Of course, like any crime that doesn't involve violence, someone has to lawyer up and bring a case to court, which nobody is really doing these days either.
The fact that it's water based doesn't mean it's safe. Sodium cyanide and mercuric chloride are both water based.
While we're talking about snake oil, has anyone tried that viper venom or snake spit stuff? They say I could mount a rusty steel spike found by the railroad tracks in the tool post and it won't chatter.