Murray's hair pomade is basically petrolatum jelly (Vaseline). I use it because it's lying around. Based on the replies to my question any oil/grease would do.
I use unscented, beeswax based lip balm while smoking. Afterward I wipe down the stem with a paper towel. This keeps my lips and the stem in good shape in a single step. Never need to go beyond this.
Carnauba was seems to work the best for me. I've also used Obsidian oil. Wipe down with micro fiber cloth after smoking and keep it away from sunlight. They will always oxidize with time, but you can certainly slow that process down.