Sparky, the spray-on grease is not a good choice for this job: it traps dirt, which mixes with the grease to form a slurry almost identical to valve lapping paste. You need something that dries quickly but tends to stay on the shaft. Basicly that is a near-impossible mission, but you can achieve something very close to it with a molybdenum disulphide powder in a volatile hydrocarbon vehicle, as Gadge recommended. A much cheaper alternative that works pretty well for a couple of months at a time, is a simple puffer pack of dry graphite: the same stuff you put in door locks. Unlike the volatile hydrocarbon, it won't wick-in to get in between shafts and journals though, so you have to be able to slide the shaft back and forth to work it in. Above all, just stay away from the grease-based stuff.
I don't know what the load-bearing properties of PTFE are, so I can't comment on its suitability.
