Lubricating most likely is not enough based on your description. You need to adjust the alignment of the blade raising worm gears. This is covered in the manual on page 12.
Here is an exerpt:
Blade Raising Mechanism
Adjustment
If binding occurs, clean off all sawdust and pitch
buildup and re-lubricate with a good non-
hardening grease. If binding continues, check
the fit-up of the worm and worm gear segment.
The worm must be centered with the worm gear
segment. If it is not centered, loosen the saw raising arm set screws, move the arm as
required, and re-lock the set screws. See Figure
22.

Maybe it is time for a teardown, clean and rebuild... Could be corrosion, a buildup of sawdust/pitch or just plain schmutz. Throw in a new paint job and new belts and wiring and it will be brand new.

Try lubricating with silicone spray. I use it for just such things, and I'm happy with how it works. Also, clean and lubricate the lock on the elevation control.

--W/D--