I'm not sure if my way is the right way, or if there is a right way, but to burnish, it put some graphite into the wheels. Then I find a qtip, smaller diameter. I don't have a pair of calipers, but I can usually spot the smaller ones. I test them out in the bores to be sure, they shouldn't be to tight. Then I cut off an end of the qtip so it's at an angle, chuck it in the drill and take a piece of paper. I fold the paper in half and pour a little graphite in the seams near the edge. Then I fold it around the qtip in the drill, and spin it for a little to get the stalk coated. I then insert it into the bore, which I've already added some graphite too, and spin on low for a few seconds. Add some more graphite, repeat. Sometimes I simply pour graphite into the wheel bores, take a #43 drill bit, insert the smooth side into the bores and roll it around applying a little pressure. I repeat this process a few times. Sometimes I do both. I usually don't use the nicer graphite I have for this.
Do be CAREFUL with the drill/qtip in the bores. You don't want to go too long or too fast for fear of enlarging the bores or melting them. Go slow. It doesn't take long.
As I said, no expert! Just doing how I interpret it.
To help even more, when I add the axles, I'll put a little more graphite on the hub, insert the axle, take the pointed end and work it around a bit. Work the head into the hub to help burnish graphite in that area. Again, no idea if this works! But it's what I do. I do the same thing with the other side of the wheel, pouring in some graphite and working from the other end, twisting and applying pressure all directions on the axle.
There is no right way. Find what works for you! Don't waste your time with alcohol/graphite business.
After you assemble the car, I add more graphite from both sides and spin the wheels. Some people like to break the graphite in by running the car once or twice, or rolling it around a little on a smooth surface. I personally like to let the race day do the break in. I'm not concerned with the first run or two, usually fast enough to make it up on the other heats and get out of the den races to the pack where speed matters most. While other cars slow down, our cars have a few more runs left. However, this depends on the size of your pack. If you not running many heats, probably better to break in before hand.