In really large scales, up to and including 1:1, perhaps. Labelle's or Hob-E- Lub are both designed for model trains and will work. A dry lube isn't going to hold up as well as a viscous liquid grease will.
Don't overlube it. A tiny dollop applied with a toothpick will do it.
I just bought a new N-scale Bachmann loco. I plan to use Bachmann E-Z Lube Light Gear Oil (Item # 99984). I agree DO NOT use too much! One drop per gear is plenty. "Plastic compatible" is also important!