I would still recommend a pure water-based lube. While the base is water here, coconut and almond oil are included in the ingredients. Oil-based lubes are a major no-no with Fleshlights, and is your $50-80 investment really worth risking?
Great for taking ol' righty for a spin though. I personally have a Tenga Flip Air (not a fleshlight) and won't be using this cream with my toy.