@TheUnicorn: Yes I have got Vaseline in aerosol spray. And BTW, Vaseline is not JUST for medicinal use (and dirty jokes)!
It's petroleum jelly and is called up for lot's of "greasy" lubrication jobs. I bought my little plastic tub in our local DIY place (though you can buy it in the chemist at nearly twice the price), and a little later, the aerosol can in the same DIY place here. For example, years & years ago it was "standard practice" to grease the terminal posts and connectors on your car battery and is still done regularly on quite a lot of aircraft batteries.
The can is marked as being suitable for a water-repelling barrier (one reason for using on battery terminals) and as a general lubricant (gears shown on the little icon on the can, but by no means limited to gears). My can has the brand label "presto" on it (quite well-known here in Switzerland). I can't believe the same (perhaps under a different brand name) isn't available in UK.
FYI the Order No. is 306376 and the manufacturer is MOTIP DUPLI BV, Wolframweg 2, NL-8471 XC Wolvega, Netherlands. www.motipdupli.co; Tel: (+31) 561 694 400.
I can't remember what it cost, but it wasn't "a lot" (but more expensive than the jelly in the plastic tub). The aerosol is labelled 400 ml.
@Keato: Sorry if I sound terse but you're quite wrong to remove the motor on your Excali without reason! Having replaced it have you now adjusted it - by rotating it - so that the blade moves up and down exactly vertically (when viewed from the side)? All clearly as described in the manual!
You are also quite wrong to refer to the black knob right at the back as the blade tensioning knob. It isn't (though quite a few people think that's what it's for)! That knob at the back is ONLY to set the whole arm parallel to the table. Also all very clearly described and illustrated in the Manual.
Tensioning of the blade is carried out ONLY with the little "white plastic" lever at the front top of the arm (near the On/Off switch, and shown in your pic). Again without sounding terse (I hope), I'm sorry to say that you should "RTFM"!!!!!!!!!
If you haven't got a Manual of your own, or have lost it, send me a PM (sorry, Conversation) here and although it's 26 pages I'll happily scan the lot for you and send it you as a .pdf file so you can print it out.
Sorry again to sound so terse, but IMO, from what you've said, AND from the noise it's making, you're well on the way to substantially damaging what is, IMO, an excellent bit of kit (and not cheap to replace either, though spares are easily available and reasonably priced)!
HTH