WD-40 is good,I always wonder why its so derided in the forums the stuff is a fine product,prevents rust, I use a ton of the stuff.

another exelent but often overlooked lubricant is tri-flow its used in the biking world primaraly because it doesn't pick up dirt as much as a grease and can be used in brake,and gear shift cables to allow them to move smoothly,its becoming more widespread now but I used to have to get it from the Local Bike Shop when it first started showing up,living in the birthplace of mountain biking its popular in our neck of the woods.

and then there's always Vasaline,it works well but like any petrolium grease like material will pick up dirt and debris that needs to be cleaned like any of its counterparts I use it for modeling as well.

don't sand the axel the noise is coming from the plastic hub.