It might be OK but I prefer to just completely dis-assemble my bolt, clean off everything with a solvent, let it dry and then re-assemble it. It's not like I'm shooting it a lot in the field in -40 weather. Some geologists I know use a light dusting of graphite powder. I don't bother.
The Germans in WWII found out how well their Mauser K98s worked with conventionally lubed bolts. It didn't work out too well for them.