It will sharpen up just fine on your whetstone. If you want a little more edge joy, you might consider a Spyderco Sharpmaker. Easy to use and produces a good edge.
As to the lube for the pivot, there are many personal factors that weigh in on that decision. Militec 1, Remoil and such are all popular. Militec 1 is probably the slickest. I produce a lot of lint in my pockets so I prefer a dry lube called Tuf-Glide. The same peole who make that produce a cloth impregnated with Tuf Glide for keeping the blades nice. I use that too.