Dean,

I've tried oil on the cable and it helps, but not as much as
I had hoped. I've considered hitting it with some spray from
a can of white lithium grease. It can't hurt and I'll be trying
that the next time that I have to reload the reel. I'm desperate
enough to try axle grease if necessary.

Just remember that there is always the risk of getting some
oil or grease sprayed onto nearby objects, including your
shoes, pants or legs. There is also a very small risk that
the oil or grease will attack the plastic housing or the string.

Good luck,
Gideon