I prefer acetone over glow fuel for loosening up and dissolving old oil and gunk. Soak for an hour, swish around, and rinse. This will remove all surface oil and as such the ferrous parts will rust. Once everything is dry, then oil liberally. I use sewing machine oil, Dexron ATF, or air tool oil. The ATF is probably the best of the three due to its high detergency, but almost any bonafide oil will do. I stay away from aerosol "lubes" due to the high solvent content. Most of it just evaporates and the remains dry out over time.

If, after cleaning, the bearings sound noisy or gritty, I would recommend replacing them. The LA engine doesn't have bearings, so if it's free and turning well, just clean the outside if you so choose and run it.

The antifreeze soak works incredibly well, but can and will dissolve paint and can damage anodizing. Acetone may affect paint also, so if your LA is painted blue, test on the bottom to see if it eats the paint if you try that method.