Well, I'm going to try David's method.
Also, there was no silky feel to start with, it was very hard to turn anyways and the right channel was extremely noisy and often would cut out.
Edit: David, what did you use for penetrating oil?
Also, how big of a job is it to replace the pot assuming I can find one?
Edit 2: New development:
I pulled the nut off on the front of the pot and it now rotates easily and I can easily hear and feel each click detent. However, the shaft is frozen to the threaded bit, so I think David's theory is correct, I just need the right lubricant to loosen it back up.