I'm a bit "old school" so I never use lube at all other than EMs. If the manual says to drop some oil in on the moving parts - they thats up to you !

What I use for metal guides is either green scotchbrite pads with Windex, or 180 Wet/Dry then 320 Wet/Dry with Windex. Some guys polish them to a high sheen, which is interesting. But I stick to the original look.