I have used Ed's Red for cleaning gun for many years. I wouldn't recommend it for wiping between shots due to the petroleum products in the mix. I readily dissolves carbon fouling and plastic residues from sabots and such. I doesn't do anything about corrosive salts left in the bore from chlorate primers. They are water soluable, so hot water washing will remove them. Ed's Red does a nice job of protecting clean metal against rust.
A quick and dirty recipe is:
1 part acetone
1 part mineral spirits
1 part kerosene
1 part Dexron III auto transmission fluid
Be sure to mix outdoors or in a very well ventilated area due to the strong (and toxic) fumes. I also recommend wearing chemical resistant gloves when using, if you will be using it frequently, as it will make your hands very tender.
To increase the rust inhibiting qualities you can add 200 grams of anhydrous lanolin (some drugstores will order this for you) to the mix, which will give the mix a milky appearance.
A more complete discussion of Ed's Red is available on SurplusRifle.com
Good Shooting,
Doc
P.S. You will want to use dry patches to remove the Ed's Red from the bore of your muzzleloader before using black powder.