Does it make sense to use dielectric grease to lube the armature shaft rather than straight oil or other grease?
No. Any lubricating grease is almost certainly dielectric (non-conducting) anyway. But grease labeled as dielectric is probably meant for protecting (aluminum) electrical connections from oxidation and may not be so good for lubrication. And finally there is no particular need for insulating the shaft from its bearing. So I would use ordinary grease or oil.
Bob Nelson
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