"Interesting! So basically smegma is to boys what vaginal discharge is to girls.
My mom makes bird feed out of bacon fat, peanut butter and bird seed. "
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Hi, bet your mom has some happy birds around. Protein, fat and carbohydrates all in one beak full, that's more balanced then most peoples diets. 
Yes, vaginal secretions as well as those emitted by the inner and outer labia as well as the prepuce (clitoral hood) are basically for lubrication of those parts as is male smegma. In searching for excuses to circumcise this natural body function of both male and female has been made a nasty villian by those looking for an excuse aas well as those who believe this nonsense. Those simply parroting a misinformed myth most likely have never seen an intact penis or examined a female prepuce for that matter. If an infection is present there can be additional discharge from the vagina I suspect, I don't have one. 
Just imagine how one's eyes would feel with no lubrication. The lids are also lined with mucous membrane that has a built-in lubrication system. In the female the glands really speed up their production of lubrication when she becomes sexually aroused. During this period of time, blood rushes to the genitals, tissue swells thus literally squeezing the lubricating ducts. Males have some similar action but not nearly as pronounced. That is if they have a foreskin because the glans has no lubricating means and that is why the foreskin is so important. Keep in mind there is a decidedly different part of the anatomy when mentioning the glans and glands. We have glands over a good part of our bodies but only one glans penis.
Dick