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@Sanddancer
That was my immediate thought, but a guy I know that's been riding forever swears by it. And I figure it would attract a load of crap, get all caked and clogged to the outside of the Vaseline, but as long as there was enough on there and it stayed put, then you should have a cruddy, grimy shell with clean Vaseline underneath and fresh, shiny bearings under that. Sort of like waxoyling a car's chassis (or my ghetto "just not fixing that slight oil leak as an anti-corrosion" technique).