Well, it spent its life on high quality oils, so it shouldn't have had any sludge, varnish or other material in there to clean up. I don't believe there's any evidence that there's sludge happening now, just some carbonaceous material being cleaned-up.
The SDS's are reasonably vague, but it looks like 60+% Group III for this particular 300V product:
PAO doesn't have any cleaning abilities; PAO has very poor solubility. Typical oils are formulated with detergents and dispersants to keep things clean; to prevent deposits from forming, they are not formulated to clean-up existing deposits.