I read this and motorcycle chain wax came to mind. Don't know for sure if it's appropriate for this application, but it's meant to lubricate, protect against rust, and it doesn't drip off like oil does. Stays where you put it once it sets up. Just a thought.Edit: I just thought about this...I haven't really seen it written anywhere but it might be a good idea to use a lube that has teflon in it as it will tend to leave a dry residue on the cable and thus will help keep it lubricated even when the oil is no longer present. Something like a gun oil or a good knife blade oil with teflon in it should work great. An added benefit is that these oils are meant to protect against rust over a period of time.
<<----bump id like to know this as well