Back when all cars had ignition points, the new point sets came with a small vial of grease for the rubbing block. Plenty to smear around over the rubbbing block and the cam lobes. As I recall, it was about the same viscosity as white lubriplate, but was more jelly-like in nature.
Sometime in the 1980s, point sets didn't have that little vial of lube in them anymore, typically. As I still had a few points-equipped cars back then AND knowing the necessity of lube for the rubbing block, I set out to find some "point grease" at some local auto supplies.
First stop, PepBoys. The young military guy behind the counter brought out some chassis lube, smiling as if he had gotten what I wanted. I kindly told him that point grease was not chassis lube. Another auto supply and the manager knew what I wanted and thought he had some on an end-cap display, but we couldn't find it. Another local auto supply and the young guy keyed on chassis grease. I kindly said that was not what I was after, so he sent to seek information from "the office", then came back and said "We don't have any, sorry." He got "points" for at least trying!
A few weeks later, I was in a SuperShops store and discovered a large tube of Mallory Point Lube on their wall. It was quickly converted to my posession. Just as I had remembered it, but now a super-life-time supply. Later, though, I loaned it to a friend and that's where it probably is now, about 15 years later. I believe that GM had some in their "standard parts catalog" under "Lubes", back then, too.
In the interim, many people complained about poor point longevity in their eaerlier '70s cars, like 8K before new points would be needed, when we used to get 15K out of them "back then". So, yes, that grease/lube IS important.
All of the dielectric grease I've found is somewhat waxy in nature, but liquifies nicely on rubber items (hood bumpers, etc.). Never heard of it being used as "point grease", though. I would suspect that a thin layer/wiping of some higher quality syn chassis grease (possibly Ford-spec with moly) might work well, but it's got to be light enough to not cause any additional drag and build heat, as a result.
Another area of concern is worn cam lobes in older engines. Until you use a dial indicator to set the point gap, you might not realize just how wear can affect how tall the cam lobe peaks are not OR how they are not all the same.
Lack of point rubbing block lube and worn cam lobes can make a good case for an electronic ignition system, of some kind.
Just some observations . . .
CBODY67