30 years ago, when I started in the steam engineering trade, all
the old timers then used a gasket lube / anti-stick stuff they mixed
up called sue'gee.  It was powder graphite mixed with a light oil,
kerosene or the alcohol.  Depending on how fast you wanted it to
dry and leave the graphite behind determined your choice of solvent.

Light oil (3-in-One or sewing machine oil) or valve oil stayed wet
longest.  Kerosene was next, and the alcohol dissipated the fastest.
It was used on any gaskets as a anti-seize.  It was also used on the
asbestos hand hole and people hole gaskets to keep them from sticking
to the metal parts after a year of hard steaming.

Mixing up your own is just dry powder graphite, very messy.  Do outside
or in a high-side cardboard box, or in a jar or throw-away cup with a
small brush for your application (also a throw-away), add the solvent
of your choice and mix to the thickness for your purpose.  Lubing ways
or rails is thinner than for gaskets.  For hand holes, etc. type
gaskets, make thicker to build up a slight heat-proof layer.

And yes, the deal about keeping oil out of boiler water to keep down
foaming -- the solvent dries before the boiler is filled.  Also the
asbestos gaskets have been replaced with Neoprene in most applications
under 600 psig.

So remember, wherever you use it, the graphite will be left behind on
the parts, and it will jump on to whatever comes close to the part.
Mostly clothes has a magnetic attraction to it.

http://www.mcmaster.com/index.asp  is one source for powdered graphite;
save yourself the time and hassle of tracking it down and just mix some
up.  By the way, a one pound can of powder graphite will last a long
time.  Mine is over 20 years old and is still about 1/3 full.  If the
mix solidifies just add more liquid of your choice.  Regular cheap wood
alcohol or rubbing alcohol works.

Glen R. Perye Jr.