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A tiny drop on the shaft is all you need. Leave the inner races and pulley faces dry. At most you can rub a little graphite dry lube on the rollers or sliders, it helps them shift a little smoother and with regular application will make them last longer. But you need to apply graphite every couple thousand miles.
I made my own special graphite wax crayon with powdered graphite and candle wax. I can rub the crayon on the roller weights and it lubes them up even better. But no grease or oil on the rollers, they can trap dirt and cause faster wear, and can spin out onto the pulley faces and cause belt slippage.
Another good idea is to remove the rear pulley and lube the sliding sheave pins in the center with a little bit of grease. It greatly increases the rear pulley life to do this every few thousand miles.
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