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Chaincase oil is thinner because it is lubricating a chain and sprockets. Gear oil is thick because gear to gear contact requires greater shear strength in the lubrication. Gear oil works ok most of the time, but it will rob power, especially when cold. Gear oil may not lubricate the chain as well as a more appropriate lubrication because it may be too thick to get into the parts of the chain. If the case is leaking, I would find the leak and fix it rather than going to a thicker lube.
jmho
Many transfer cases in 4X4's have chains very similar to ours (but larger). They use ATF and so have I for about 12 years now. No problems.
A few issues using gear oil
1- in cold weather it is real hard on your belt. After it has been setting all night in sub freezing weather, the gear oil can get a little stiff. Gear oil would be ok if it were synthetic
2- Gear oil, as thick as it is, will have a tougher time getting to the pins within the plate chain. It will get to the pins in a larger chain like in a trucks transfer case. When your sled sets overnight, only the bottom portion of the gear/chain is submerged in oil. The rest of the chain will loose lube as the sled sets unmoved, hence letting the lube move away from the pins in the chain. When you ride the sled, sure it will eventually get lube but it runs dry in sections of the chain that were in the upper part of the chaincase while the sled sat unused causing premature wear until it does finally get the thicker oil worked back into the pins.
A lighter oil is better as it will lube the pins faster. Any oil is better than no oil. Keep in mind that a chain oil should really have a polymere base as it becomes compressed as the plates of the chain pass over the gear. Regular motor oils are designed for slippage in an engine, like pistons against the cylinder or rod bearings on a crankshaft. The oil is not compressed and does not need the molecular structure enhancer (polymeres) as gear oils demand. Another point is the oils cleanability that is knocked down with the thicker gear oil
Best off using ATF or factory chaincase oil. Doing some research you may find some suitable weights for your type of riding.
I have experimented with different oils in chaincases in the past and have even used hypoid gear oil. The hypoid gear oil I recommend for chaincases would be Bel Ray hypoid. It is a thinner oil which works well in a chain case yet has capabilities of its bigger brother's (like regular 80w-90gear oil) specified ratings of GL.
----- Gimpster -----