I think the answer will depend on what type of ignition switch your vehicle has.
Some of them are as in the diagram posted, others are not and there are actual electrical connections up in the steering column.
Either tell us what vehicle you have or find a shop manual with a good diagram so you can see what you are spraying your lubricant in to.
Some GM vehicles use a resistor pellet in the key shaft, lubricant or graphite could very well change the resistance the vehicle "sees" and you may not be able to start your vehicle regardless of how easily the key turns.
When I used to work in an electronics shop many people thought that a quick squirt of WD40 (or whatever else they had within reach) would fix anything. I can't tell you how many cassette decks were ruined when the WD40 got on the belts and slip clutches. There ain't no cleaning that will fix it after that!
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Today's Featured Article - Identifying Tractor Noises - by Curtis Von Fange. Listening To Your Tractor : Part 3 - In this series we are continuing to learn the fine art of listening to our tractor in hopes of keeping it running longer. One particularly important facet is to hear and identify the particular noises that our
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