Cleaning: scrape if needed, steel wool / scotchbrite used with WD40.
Wax/lube: I only use a piece of Paraffin wax. I rub a Little on the bed ways as well as between and under the ways. Then buff off the excess with an old rag or paper towel. That is it. A piece of wax lasts a long time. Also, use this to slick up your tool rests, banjo and tool rest posts, any saw table/fence, fence rails, jointer/ planer beds, etc.
I started working in cabinet shops in the early 70's. Been using this method ever since. A piece of wax off your grandma's jar of jelly is ideal.
You can use paraffin for a ton of other things that need lube. Sticking doors, drawers, zippers, car window channels, car keys, hinge pins, scissors, etc, etc....a little wax will let you slide out a big freezer easily.