I find that all new knives require break-in, even many bought on the secondary market, and particularly those with AXIS locks. My approach is similar to Joe's but a bit more like 4mer's, as I tend to seek the sweet spot by backing off, tightening in tiny increments, and then breaking in. I've gotten so I won't bother with LocTite until a knife is broken in and now generally don't use it at all unless a knife changes a lot without it (which does seem to be the case with many AXIS knives).
My preferred lube is NanoOil (not to be confused with NanoLube or other products with "Nano" in the name) which comes in liquid form in needle dispensers in varying weights (5, 10, and 85). I generally use W10, but will hold off on lubing if possible during break-in as lubrication can retard the friction necessary to that process.
The alternative to "flicking the snot out of it" (which is a more than valid approach) is to polish the washers on a loaded strop. This, of course, requires their removal and AXIS knife disassembly is a PIA. I've gotten so I don't take the knife apart, but just pull the pivot and slip the blade and washers out the front. When re-assembling I insert the receiver half of the pivot just proud of the first liner or slab, slip the first washer over that, pull back on the AXIS bar, and insert the blade. After pushing the pivot up into the blade you can let go of the lock and work the second washer in, centering it through the pivot hole with a toothpick or similar so you can push the receiver all the way through. I'll usually only do this if the knife has resisted break-in or I'm feeling particularly impatient or bored.
Edit: Joe's right--whatever lube--just a little.
