That much Cadmium in oil makes the oil hazardous waste when come to dump it, I would avoid using that oil.
Cadmium is a cancer-causing agent (Carcinogen).
However, Cadmium has many desirable properties:
1. Corrosion protection
it is an active metal, and it provide sacrificial corrosion protection. It is still used for military and aerospace applications (not much for civilian use due to its toxicity).
Cadmium plating is sliver in color, it is often dipped in hexechrome solution (di-chromate process) to give it added protection, the plating will become oliver-drab in color.
2. Anti-bacteria or fungus
This is due to it toxicity, military likes it because the weapon will neither corrode or grow fungus even in humid/hot condition, plus its green color blend in with the rest of the equipment too.
3. Lubricity
the metal itself is slippery, if you rob your finger again the metal, you can feel this property. This is excellent when come to installation, say push bearing into its housing, thread in parts, etc. If it gets into your engine, it will help lubricate parts definitely, but probably it has been banned as an oil additive.