I’m not sure what the “right way” is, but I’d recommend a low temp waterproof grease of some kind, not oil. Tim is likely right that Beaver Dam probably has a good option. After watching some underwater footage of fish struggling to set off sticky tip-ups or even i-fish-pros, this is something that I think is a big unknown problem for many anglers. I personally like the finnicky fooler since it’s so sensitive to trip and I feel like I can set it up faster than a tip-up, but to each their own. The bottom line is, I would recommend that you do everything you can to make sure that your tip-ups spin ultra smooth, otherwise you’ll likely end up missing out on fish.