You don't need any special harley grease. That is a dry chamber, and it doesn't get all that hot. Take the points cam off the advancer (make sure you know its orientation) clean the shaft with fine sandpaper or a wire wheel, run some emery through the inside diameter of the points cam. Run a light smear of grease around the shaft, and put it back together. Make sure it moves freely, and returns quickly by itself.
The "why" about 1/4 throttle is that if the advancer is sticky it may fling open late when centrifugal force overcomes the rust.
If that doesn't make sense to you,