I have been reading this thread with much interest. If I ever find red dust on my pulley I will use this product on the splines. http://www.tefgel.com/contain.php?param=tefgel_infor

I have been using this product on my boat outdrive and other components for years. It is the only thing I have seen combat the electrolysis that occurs between stainless and aluminum in contact with salt water. This stuff is very gooey and stays were you put it.

I believe with the PTFE to lube the splines and the gooeyness to prevent water from getting between the splines it would combat both issues brought up in this thread. What do you think?