Photo note: Not to be taken seriously!
Going with Ard's advice is about as straight forward as you can get.
Beyond that, it'll vary a lot from style to style with reels.
Some MFG's don't want lubricants coming in contact with their drag surfaces while others, as in the case with many cork drags encourage the light us of lube's, but are very specific about which to use.
Still others will ask you not to use lubes around their bushings or clutches, while some with ball bearings suggest lube.
Cleaning can often be done with a simple wipe, yet sometimes we've had to use solvents to free up gummed mechanisms - but not before checking with our MFG's first. Those solvents could harm parts on yet other reels.
There really is no absolute answer that will cover all reels and all service clean-up and re-lube issues and there really isn't one catch all lube out there.
Read enough different MFG's owners manuals and you'll come to the same conclusion. On that subject, many of today’s MFG's have their service manuals on-line and searching those out, might be the best advice.
All the best, TT