What sort of noise Bodger? Whine or rattle? Are you sure it's the layshaft/laygear?
The gear will probably be on needle rollers, and wear can cause a rattle when the gear shuttles back & forth on the shaft, especially if tickover is a bit uneven.
You could try a modern transmission oil - here's one example:

http://www.morrislubricantsonline.co.uk/scripts/prodView.asp?idproduct=66

There are other specs but this does mention older Ford boxes and whine.

DaveW
'05 Red Roadster S1
'16 Yellow (Not the only) Narrow AR GDI Plus 4