jtivat in b/s/t sells the lube sf uses. search "lube" and you'll find more info than you want. alot of choices just use it very sparingly, a little goes a long way.
i use NYE lube #760G, which may replace the 759G sf currently uses and won't interfere with electrical conductivity as it will eventually migrate to the switch.
sf also uses another type lube for "motion control" but i find the 759/760 works on both ends just fine.
as far as what to lube, the 0-rings usually come dry from sf. if the switch doens't twist as smoothly as you like, apply a little lube on the threads, it won't hurt anything. it will smooth up after use.