With oil just remember your surfaces need to be prepped to "smooth as possible". Axles and wheel bores/hubs to a mirror shine. Also, make sure there to clear your axles and wheel bores of dust and lint before applying oil. Lint will destroy your speed. Pay close attention to the axle head area and use a cotton string to scrub any residue out of the area around the base of it because used polish mixed with fuzz from your polishing material likes to hide out there.
Then don't apply too much oil, or that will slow you down as well. Get enough in there to cover all the surfaces as thin as possible, with maybe a tad to spare, but how much is something I can't tell you because I don't know myself.
The most confusing thing about starting out league racing is getting a USPS account and printing your send and return labels. Oh, and proper packaging so your car doesn't take a beating. Some of us who have been doing it right for a while still get that wrong from time to time.