Does anyone know of a cheaper alternative that can be sprayed and does
not dry out.

I've never used LPS-2, so I can't make a direct comparison,
but take a look at Black Bear Par-AL-Ketone sold by
Aircraft Spruce. It is intended as a rust preventative and can be
diluted with mineral spirits, or denatured alcohol if you want it to
dry out faster. In discussions on the net many years ago, I recall
it was said that it was the same or similar to what was used in the
Rusty Jones rust proofing for cars. It's off lable use is as a bullet
lubricant ala Lee Liquid Alox.

RWL