In watchmaking you use miniscule, nearly microscopic amounts of oil. More than this impedes performance. I'm a proponent of less equals more. I used a watchmaking oiler to apply it. I oiled the spring, stem, and sides of the slider. Actually what I used works pretty darn well, but low speed and high friction generally calls for a grease, not an oil.
I need to do more research on what oil/grease to use. I'm only doing this once. My fingers are all cut up from opening the switch housing. If someone could point me to some reviews, forums, or threads I'd be much obliged. I tend to obsess over these decisions.