I used valve grinding paste: it comes in various grades from coarse to fine, so start with coarse on a badly scratched spindle, and, as Richard said, lap them together till 'Bearing Blue' leaves no or little sign when the tap is put together and rotated.
I also used a modern rubber 'o' ring when reassembling mine, and it worked OK for years after that. The key seems to be (1) an even, fine fit between the spindle and body and (2) good tension on the spring to keep them tight.
Regards
Mike C
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