[ ref. 041002 MMDigest, Music Roll Spool Shaft Squeaks During Rewind

I don't know much about player pianos, and I don't know anything about
what you are describing, but I have had success with several different
lubricants in piano work.  Depending on the affected part, there are
several lubricants that I like.

I use powdered Teflon for cloth and leather (knuckles, key bushings,
trapwork, pedals, and keyframe).

Teflon in an aerosol spray can, or McLube 1725 in an aerosol spray can
is useful for metal or wood surfaces (like keypins, keybeds, keyframes,
springs, repetition levers, etc.)

Protek CLP is good for action centers.  Also, consider using paraffin
wax melted and burnished into wooden surfaces.

For metal parts, my favorite is McLube 1725 (from Schaff Piano Supply
or Pianotek Supply), because it leaves a thin film of lubricant on the
surface of the metal that lasts a long time.

I personally prefer not to use anything with silicone or grease to
lubricate anything in a piano.

I hope this helps.

David A. Vanderhoofven, Registered Piano Technician
Joplin, Missouri, USA