1. Use graphite only. Oil damages the paint and collects dust. I'm told that the graphite works better than the new white Teflon.
2. Break in the wheels by spinning them with lots of graphite. 
3. Before you leave home on Race Day, fill the wheels wells with graphite and cover with stickers like a hub cap. You can paint the 1 inch stickers in a contrasting color. It looks great! 
4. Put a small drop of white glue where the axle goes into the car body and put powdered graphite on it there. That causes less friction if the wheel should rub against the car body.
5. Other than the good polishing of the axles, dump the axles and wheels in a ziplock bag with some graphite and shake them for a few days prior to the race. That way the wheel and the axles are as slick as can be. 

Remember, no graphite lube or anything like it is to be applied in the gym or on school grounds. It's really not fun stuff to clean up when it spills.