You don't have to get that crazy - just don't dump it directly on the grips. Moisten a rag or cleaning patch with it, and wipe the firearm down - just the metal. The grips are tough enough that a few swipes with an oily rag won't mean their instant demise.
I hate cleaning my guns (never have the time), so I do it fast. I've got Hoppes, Kroil, or whatever I happen to be using at the moment all over things I shouldn't ... and you'd never know the difference. Main thing is, as long as the thing isn't dripping with oil, your fine.
You also NEVER want to fire ANY gun with excessive lube in the bore! First law of physics - fluids do not compress! The results can be disastrous - best case, only to your firearm. I always run a patch or Boresnake thru a brand new firearm, just to be safe. I've also fired them right out of the box, so ...
Just leave the inside of the barrel LIGHTLY coated with oil - any puddling is BAD - especially when shooting.