What is the tried and true method?

Any preferences as to what is the best lube to use once the track is cleaned out?

This boat has been outside for 10 years and very happy about some body giving it TLC. Thanks for your help!

Soap and water, rinse with fresh water.
Take an air compressor and blow out anything left behind and let dry.
Apply lots of Silicon based lubricant.

Shall I use the same silicone lube on the sail track? Or is there a different substance that is intended for that purpose?

Nothing special. I usually use the Ace Hardware or Prestone branded stuff on everything. Should make it nice and slick. I spray my main traveler down once a weekend.