I use Tri-Flow (or equivelant, with PTFE) on my bearings and a drop or two on the swash every now and then. However, I have an aluminum swah. Do not lube a plastic swash.

As far as procedures, I usually take them out, put them on a paper towel and put a lot of lube in them to flush out any dirt / metal shavings that might be inside. I also change my bearings periodically, when my CX2 isn't flying right and I've checked everything else!