I use silicone spray almost exclusively on stuff like this.
Unlike most lubricants, it won't eat rubber.
It works especially well on plastic-to-plastic contact.
For heavier items, like steering wheels, I use general purpose lithium grease.
That has a little better staying power; but will gum up things like joysticks, and cause them not to return to center properly.
As far as the smell goes, silicone spray is probably the worst for "stinking up the house"--at least according to my wife.