Personally, I wouldn’t recommend using chapstick on threads. It will attract dirt and cause a rough action which goes against the point of putting it on there in the first place.
Either keep the threads clean and don’t use any product, or use the tiniest (and I mean tiniest) amount of 3in1 on the threads.
If the mod and it's threads are well engineered then you should not need lubrication, just careful and regular cleaning.
When I first got started in "high end" - and yes the definition of "high end" is subjective like anything else - most of my experiences from the manufacturers was to "Keep threads clean an apply a small amount of dielectric grease to threaded areas." As seen with my old V3 Flip - as they even threw a small tube of grease in with the mod itself. I did as instructed and never had issues with dirt getting caught in the threads, nor did it affect or impact the quality of vape. You can also see parts (especially moving parts where friction is likely to occur) greased on some of our current mechanical mods. My VapeAMP Rig v3 and Descendant had some grease in the firing mechanisms (again - where friction is bound to be seen). When asked the explanation was relatively simple - to keep parts moving freely.
Outside of the vaping realm - I lubricate my pistols, rifles, etc - where you might ask? Where friction is bound to be high. Friction causes wear and tear, wear and tear then leads to mechanical breakdown. Mechanical breakdown leads to misfeeding, misfiring, jams, etc.
You are free to do what you wish, but if it prolongs the life of the materials the devices are made of, there's no harm in trying it.
One of the very first things I do when I acquire a mod is review the threading. Taking some ultra-fine natural steel wool, equivalent or finer synthetic of same or a very fine brass wire brush I'll carefully, delicately de-burr the threads…if needed!
First passing a common microfiber cleaning towel typical of those you'll find at the grocery will reveal any rough or too fine edges. They exist! Some very quality devices I've found to even shed fine hairs of metal from their grooves. Believe me, they will penetrate you and you'll be none the wiser. Or, you may know very soon, for very apparent reasons.
With our mods: Stainless doesn't seize in common use. Brass or copper will not either no matter how much oxidation or patina. Unless you start adding bizarre chemistry to surfaces. Then all bets are off. I've got vats of all kinds of stuff. They all work great. Never use them. At least not on mods.
My routine is to wipe the threads clear of oxidation and any residue of liquid with a microfiber towel every time I'm holding a device and it comes to mind (including for especially 510 threading and contacts). It's become almost instinctual. Too much, plain old water and a fine tooth brush. Baking soda toothpaste if there's any stubborn accrual.
IMO the best solution is to make sure threads are fit from the onset. Oxidation spoils the vape.
Good luck.
Just like cleaning your atties when you get them. Tear it down, clean it off, dry it off, and using a clean, dry rag, check the threads, check the pins, check EVERYTHING. The minute you don't, that's when you take a rip and either get an anemic hit, the switch gets hot, or you get a really good taste of some bad machine oil (atomizers only). ALWAYS clean your devices, atties, etc before use. It will tell you what - if anything is mechanically wrong with your devices. For mechs, a light wash with little or no detergent in warm or hot water, followed by a polishing of the pins / contacts and as stated a fine bristled toothbrush / comb inside the threads is always a good idea. It never hurts to inspect the pins, springs, magnets, etc for wear, tear, and arc marks - noticed by pitting or dark spots on the materials (noticed greatly on brass, copper, silver, and gold). This will also help gauge how much abuse the mod has gone through.
Okay a couple things.... Mech mods don't look so hot once blown up. They look pretty bad then.
I have no doubt you can do fine with a mech if you want and you learn the safety issues involved. I do have to questions "I want to vape a mech mod because they are fantastic looking." I don't quite understand that rationale, it sort of.... I mean if you were hoping for a specific quality of the vape, I might understand it, perhaps. But,, there are also some reasonably attractive regulated mods too.
You are doing the vaping equivalent of "I want to date the hot blonde with double Ds that I met a Denny's." Which is certainly your choice, but then you are gong to have to cope with the fact that she works at Denny's as a hostess (no offense to hostesses anywhere) it's more really hot chicks tend to come with issues and lack of need to become intelligent may be one of them.
Which is SOMEWHAT apt, actually as your mech is not going to be as smart as some of your regulated mods at protecting you. You may have the female equivalent of a double D battery in there, but your girlfriend/mech will not be forgiving.
Regulated mods are the smart brunettes. Nothing wrong with that.
Anna
Where I agree with you and your sentiments, some people just like their mechs. I love my mechs. I don't use them as often as I'd like because I love the ability to tailor my vape without completely dismantling my build. I also don't like the degraded performance once your battery dips below a certain threshold. Maybe the OP has had some bad experiences with regulated mods and just wants something that just works. Maybe he is like me and had someone show them a mech and let him try it and he found that he enjoyed the vape from it (regardless of whether the guy was using 8 stacked 21700 batteries with a .00000000000001 ohm build in it). Or maybe he is experimenting and seeing what works for him - which there's nothing wrong with it - again, as long as he does it safely, there's no harm in trying new things.
I do agree though, sometimes my mechs are like the blond, double D server at Denny's. Gorgeous to look at, sometimes dumber than a dead goldfish in a toilet bowl.
I also love that they just work. I love that as long as I build something correctly to suit the batteries that power them, I can be rest assured that it's not going to throw an error at me, I don't have to worry about upgrading the firmware every 3 days because the programmers overlooked something, nor do I have to worry about "blowing a fuse" or fiddling with TCR's or the dreaded TC "stability" issue that took place when TC began to be a thing. To this day - even in my noobish starter days, I have yet to detonate a battery inside a mech. Some days I was reckless and built to STUPID levels. When I say STUPID levels, I believe the lowest resistance I have set my eyes upon was .02 ohms. I even took a few rips off it before I realized that no matter what, the hotter the vape never equated to better flavor.
As for the safety aspect of things - regulated devices are in fact safer to use for people unfamiliar with resistances, batteries, amp limits, etc. (Also known as Ohms Law). Can one be 100% safe with regulated mods? Hardly. How many times have I fat fingered or "shown off" what my regulated mod can do? More times than I'd care to admit. What happens when you set a 300 watt mod to 300 watts and take a rip off it prior to making sure your cotton is saturated? You get the worst, burnt, scratchy, dog turd tasting hit you can imagine. Is it good for you? Unlikely. It's like huffing a fart from Satan's ... without a filter. You can lower the chances of danger with a regulated mod, sure, but eliminate it completely? No.