It surely depends some on what sort of faders are in your consoles; I've been cleaning my MCI's faders with 99% alcohol and then for the metal guide rails, I've been following that up with Caig Fader F5 as it's a cleaner and lubricant. I spritz it into a shot glass and dab a swab in it. The faders glide with ease afterward...if anything, I could do with a slightly more damped feel as personal preference. Prior to cleaning, some of those guide rails have been so filthy that it felt like the faders were set in gravel when I slid them, but getting the grit out with the alc and then finishing the rails off with the F5 is so far so good.
I haven't been in faders with any kind of really thick lube like you're talking about; unless it's some type of sealed fader (I'm not that well versed in different fader types), I have to think that dust would find its way in and really stick to it and you'd find yourself having to clean faders quite often in that case.