Hi Paul,
You would need to either flood the ways out completely with whatever will cut the wax (WD-40, kerosene, diesel fuel, or gasoline works well outside),
then reapply a light way oil.
Best bet though would be to take it apart and clean it properly.
The wax, gum, and old lube used over the years will be difficult to flush out.
Oil is better than the teflon spray I think. The spray will eventually leave a build up, the (proper) oil won't.
Russ