Thanks to all for the input - seems like replacement is the only sure maintenance.
It is. Sometimes however a replacement can't be obtained in a timely manner and you need a band-aid to get you through.
In sleeve bearing fans I find any xw50 motor oil helps significantly. Nice and thick to fill up some of the wear slop. With ball bearings I wash them out in shellite (which is just a very light clean hydrocarbon). Petrol would do as well. Then I soak them in iso46 synthetic compressor oil (because it's what I have handy). Let them sit for a while for the excess to drain out and then put them back.
Then I go and order a replacement fan. In 2 instances with ball bearings the replacement fans have been sitting on the shelf for about 5 years waiting for the re-lubed ones to die. Haven't yet. Sleeve bearing fans with the thicker oil often last many months past the arrival of the replacement fans.
Heck, I re-lubed the seized ball bearings in my toilet exhaust fan back in 2010 and I'm still waiting for them to die.
It's probably having the replacements on hand that makes them last so long. If I couldn't get a replacement or didn't bother I'm sure the re-lubed bearings would lock up in short order, simply because Murphy is a bastard.