Captain America said:
Graphite is a solid that could accumulate in plunger bores and under small springs, I never tried it but I would vote no on the graphite.
Graphite is used to lubricate locks and it works fine with the small springs and plungers in them.
There are different types of "graphite". Some are abrasive some are not. Graphite is used by the military
From Brownell's:
Lubricates & Reduces Wear; Won't Collect Contaminants
Weapons grade, natural, powdered graphite provides superior lubrication without collecting airborne contaminants. Dry formula will not trap dirt, run off, gum up, or lose its lubricating qualities when subjected to extreme temperatures. A favorite lube for heavy automatic weapons, especially in desert conditions. Slicks triggers and sears, bolt carriers, slides, frames, raceways and more by forming a soft, micro-fine layer of lubricating particles on moving parts. Greatly reduces wear, and helps resist powder and carbon fouling on treated parts. Works equally well for fishing reels, locks, cameras, and other household applications. Make sure parts are completely stripped of all "wet" lubes and greases before applying graphite. Do not apply oils or greases on top of graphite.