Some potential problems with too much lube:
...
lube could start collecting dirt & grit
...
In short, use enough but not too much. Wipe off excess with a clean cloth.
That's the single biggest reason to not over lubricate
anything, including flashlights.
I've got lifetime experience using machines in my business, and the one thing I have to fight about with new helpers is to teach them how to lubricate moving machine parts properly.
Any grease beyond what is actually making contact between two surfaces is too much and will actually contribute to damaging the part(s) because dust of any kind that mixes with that surplus grease turns it into an abrasive compound.
That's also the reason why you don't wait until something "needs" greasing because by the time you determine it needs it (hard to turn or operate), it's too late and you're already causing wear damage.
The best way to do it is to use as little grease as possible but still be sure to thinly coat what needs coating which includes the o-rings. If done right, the area should look "slimy", but you shouldn't actually see any globs of grease, nor should you see any grease on parts that aren't involved in the contact area.
Then every once in a while (you determine that based on use), it's a good idea to wipe the area clean of all the previous grease and re-apply a new coat. Don't just add more grease because as previously mentioned, the older application may include dust contaminants and be serving as an abrasive more than a grease.
It's my job to keep $175k machines running all day everyday for years and years and years, and they have to be kept running well due to downtime costs if something quits working.
Keeping up on proper lubrication is the single most important way to do what I do, so I never over lube so much that something slips from my hand, nor do I under lube so little that friction and heat cause discomfort... er, damage.