Alan Ratcliffe wrote:
+1 on beeswax for the post holes and to protect the screw holes from oil. However, tuning machines are not designed to be lubricated (unless they have solid polymer 'lubrication' built in, like many of the Gotohs) - if they need lubrication, they need replacing.
Oils are the worst thing you can use as not only do they attract dust, but they penetrate the wood of the headstock and can cause tuner screw threads to strip (or worse in extreme cases).
My gran used to put sunflower cooking oil on everything. Every six months my dad and I would spend a whole day taking apart every mechanical thing in the house, cleaning it, reassembling it and then tell her to use proper lubricating oil, not cooking oil, only to go back in six months time again.....