Depending on how rusty it's gotten... Usually you just pull the timing plate and lubricate with a medium weight oil. I personally like LPS2 for that, but then I tend to keep it around. WD40 is too lightweight IMHO.
You'll want to manually advance it and make sure it snaps back quickly all on it's own before you consider it properly lubed. If it tends to stay stuck 'out' you'll either have a really hard time starting it, or end up with your timing off when you set the points.
If it's really rusty, you'll need to remove it, and disassemble it to get the crud out of it. Don't lose the springs. And remember to reset your points gap and timing when you reassemble. (Unless it's electronic, which makes things a whole lot easier. )
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