oh, that could be a bad idea if it dissolves the old grease. It'd be better to just open it up and clean it thoroughly to see if there was significant damage from running unlubricated.
It was suggested by some internet Raleigh guru, wd40 to loosen it all up then add some oil. I'll have to wait to see my buddy to open it up though, not a clue how to do that. Well, more truthfully, I can get anything apart... just not necessarily back together again.