I use this awesome stuff called Moo-slick which is a spray silicone lubracant that dries quickly and is very very good for bearings and even for the places where you don;t want dirt to stick to
It can be found at the thetoyz.com
http://www.thetoyz.com/cart/thetoyz_...1231&cat_name=
It works great. On my AE GT2 I had gritty bearings on the front wheels so I was going to replace them but for one more race day I didn;t. What I did was spray them with moo-slick (while still installed int eh wheels and on the car.
Just spun the wheels (which didn't spin very well) and spray the front and rear of the beating set. all of a sudden the girttness stopped and the wheels now spun for ever.
if you go to youtube and search for Squirrelod, Brian (from the toyz) has tonnes of videos and he features mooslick in one or two of them