Definetly would not reccommed trying it.way back in the day when i was a locksmith we used graphite powder to lubricate locks
Graphite is conductive and what the tracks in a fader are generally made from, its this build up of carbon (graphite) that causes fader issues in the first place. By using a spray cleaner you move those shorting deposits off the tracks allowing a clean signal flow again.
You don't want to Lube, you want to clean.a wet lubricant attracts all kinds of crap
Proper contact cleaners genrally evaporate within seconds without leaving any real residue. I have a Can of Mr McKenic Fast Dry here and would recommend it to anyone for use with Faders or Pots.
Some Faders (e.g. Penny and Giles) have a secondary guide bar that may need greasing separately to the fader track if they get sticky.
Stay away from WD40 - not only does it gum up the fader, it can on occasions strip the conductive material from the fader rendering it useless.
If you have used WD40 recently, I'd highly recommend using a solvent cleaner like I mentioned above to flush off the WD40 residue and potentially save your fader.