I've been using Hoppe's and Remington dry lubricants on floppy drives with good results.  
It's a teflon powder suspended in a solvent that flashes off.
Being completely dry, it stays put, won't attract dust and doesn't have the drag of grease.
		
		
	
	
I applied too much to the left drive, but it's harmless. The manual-inject drive nearly ejects the disk clear of the drive.
			
			It's a teflon powder suspended in a solvent that flashes off.
Being completely dry, it stays put, won't attract dust and doesn't have the drag of grease.

I applied too much to the left drive, but it's harmless. The manual-inject drive nearly ejects the disk clear of the drive.
 
				
		 
 
		 
					
				 
						
					 
 
		