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Eric -
If I remember correctly, the center of the knob has a small hole in it which is supposed to engage a pin or peg on the front panel, providing a point for the knob to rotate about. If that is missing, the act of turning the knob results in quite a bit of sideways pressure on the shaft. My dad's set is missing a couple of them and it makes adjustment a little touchy on those. The ones with the peg intact turn quite freely. You might want to see if those are missing on yours and if you can fabricate something to support the knobs.
I don't know what one would lubricate them with, although I would think that regular contact cleaner/lube should be okay.
-Jim
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