You can use Tri-Flow sewing machine grease. I bought a tube for my vintage machines. I also use Tri-Flow oil in all of my machines that need oil. I use it on the ratchets on my frame. When I first starting frame quilting, the ratchets were so bad that I was afraid that I was going to break them every time I needed to move the quilt sandwich. I called Grace and they shipped me new ratchets. But before they arrived, I found Tri-Flow. I used it on my ratchets. They worked perfectly. Once a year or so, I respray them. I still have the replacement ratchets in the drawer, never used them. I wouldn't use anything else. Love it.
You can find it at bike shops. Here is the link to sew-classic that tells about the Tri-Flow products.
http://shop.sew-classic.com/4-Oil-Grease-Tools_c6.htm