I just did it to see where the level wound up....
It took about 10 drops, if that's what you could call the oil as it oozed out of the dispenser. It's pretty thick stuff so it didn't really come out in drops. The oil "well" was filled up to around an 1/8" from the top of the well...almost full...to where it just barely touched the bottom of the arm wand.
Seems to do what damping normally does...controls the sound a little more. I've always preferred a LITTLE damping in the arms I've used (SME IV.Vi, Graham 2.2, Triplanar VI, etc..) it also seemed to prevent a TINY bit of lateral movement that unipivots are so famous/infamous for.
Enjoy the music!