The wicks come pre-oiled with a very light oil so I would say pre-oiling it is the way to go. Do not over oil it or it will sling oil and foul the points. It holds enough oil to lubricate the points cam for quite a long time. It is recommended that the wick be replaced with regular tune ups. The wick will keep the points lubricated for that time. That said, I have cheated and lightly oiled the wick if it was still intact but dry. I used something like Hoppe’s gun oil or 3 in 1 oil and just enough to lightly dampen the wick.
Use the wick to oil the cam. I would not grease the cam.
-Ben