Dow Corning #4 doesn't work by itself; it's way too fast. That was a surprise, as I'm used to grease being stickier than fluid.
Then I tried mixing them. Grease on one layer, fluid on the other. Too slow.
Then I tried grease on one layer, and 50-50 mix of grease and fluid on the other. Bingo! 5 seconds for a one-inch drop, and it repeated exactly the same after sitting overnight.
But I used 500k fluid by accident. So there's a recipe with good initial results, but not the one I intended to try.
It's important to mix the two completely; otherwise you get patches of high and low drag as the arm falls. If I continue in this line of investigation, I'll try a mix of DC#4 and 100k fluid, applied to both layers.
Not many people are likely to have a tube of Dow Corning #4, but the exact same material is repackaged in auto parts stores as "spark plug boot release", "dielectric tune-up grease", and the like. Mixed with fluid, the grease performs two functions: (a) reduce the overall viscosity, and (b) reduce creep. The latter comes from grease's ability to maintain shape without a container.
I'll give this a few days, to confirm that the grease and fluid don't separate.
UPDATE: I cut this short because it's too complicated.
Dave