The never-sufficiently-to-be-damned O-rings in the kitchen’s American Standard faucet wore out again; the faucet spout went from a tolerable piddle to a major flow over the course of a few weeks.
The inner circumference of the bottom O-ring had most of the wear:
In cross-section, it’s more of a D-ring:
Once again, I soaked the spout & pillar in vinegar to remove the mineral deposits (despite the soft water), gave them a light sanding with 800 grit paper to regularize the surfaces, cleaned everything up, lubed it with petroleum jelly, and it’s all good.
Disassembly and replacement went smoothly, mostly because I could look up what I did before and avoid all the usual mistakes.
The Smell of Molten Projects in the Morning 
I got a small tube of plumber’s lube at Home Desperate. If I’m recalling correctly, it has a little bit of beeswax (or similar) to help it to stay on the rubber. I gave up on single handled faucets a few years ago, but still have some Delta bathroom sink repair kits left over.
I’m sure my 800 grit sandpaper doesn’t leave the right surface finish, but it’s way better than what was there before I started. Maybe the rings will last a bit longer; I’m sure the petroleum jelly I used this time has already worn away.
Oops, I dug out the tube and figured out the relevant MSDS. It’s “non-hazardous”, but as a petroleum product thickened with fume-formed* silica**, it’s intended use for stem-lubrication seems to be it’s best function. Your solution sounds a lot better for your application.
Note 1*: Take silane, add a measured quantity of oxygen, and watch the snowflakes form. I ran into the flakes as waste, but somebody makes it as a production material.
Note 2**: A tech at work once told me of his experience with fume-formed silica. He ordered a small-weight quantity of the stuff (less than 50 pounds, maybe 10). It arrived in 10 55 gallon drums. That stuff is light!