PorFin - I remember that posting. However, I'm too lazy to put that together. I thought I read somewhere that parafin wax is used? Maybe that is a bit old-school (just a few months more advanced than whale blubber).
The main drawback of parafin is that it will catch and hold airborne dust/salt/grit, which is what we're trying to fix in the first place...
The best option is something that will leave a very thin, dry film in place; parafin will leave a relatively thick coating which when warmed becomes a semi-liquid and thus a great place for all those grit particles to find a home.
You could try and cobble something less challenging together, but still using the halyard with a downhaul as your climbing monkey.