Lubricate almost nothing
Nearly every part runs dry; over-oiling does far more harm than none. Only metal-on-metal pivots such as ball eject and slingshot hinges may get a drop of light oil. Never use WD-40.
Systems
Related tips
Source: Repairing Bally Electronic Pinball Games from 1977 to 1985, Part One, Clay Harrell (pinrepair.com)