I have heard of folks using a bag with oil in it mounted high and the cable piercing the bottom so that gravity allows the oil to seep into the cable. These folks get a few years more out of the cable but typically need to replace it eventually. The cables core wire wears and it also cuts into the guide over time. IMO they last 10 plus years so I just change it and forget about it instead of fussing with lube every year or two. Note the guides are to be lubed with grease every year, this includes the steering guide tube.
1997 2400 SCR
5.7 Vortec / Bravo 2