Do not use engine oil. Call Don Larkey to find out what can be used. Of course there is Mercury and Johnson/Evinrude power trim oil but it is expense. Don Larkey should know that to use. I hate to say something from memory and be wrong.
I believe the original Mercury power trim unit is the best, but buying one used is taking a chance. The aftermarket one (API) gave out and I replaced it with another new API and sold the V-153. The short life of the first API unit may have been my fault - running low on oil.
There are a number of items to check on power trim units - electrical solynode, valve body assembly, clogged passageways for the oil, and lastly the hydraulic pump.
If I were you, I would first check the oil level. The oil level tops out to overflowing, then check the sound of the hydraulic pump. If the pump is making funny sounds, in all likelihood it needs replacing. Guess I would choose a new API for $137 rather than a used Mercury unit. Then clean up the valve body assembly and put in new check valve ball bearings (Supreme Marine). Put in the right oil and bleed the lines. A lot of pain staking work.