"I'd be very cautious with the silicone lube when working that close to the braking surfaces. It's very slippery stuff and if you get it on the brake pads, things could get ugly very fast..."

Agreed. The bike needs new tires/tubes and the rear rim needs to be trued a little before ride. Figured to wipe the rim sides down with alcohol to make sure they are clean. The brake pads are over 15 years old and plan to replace them.