WHile it is out, might be a good time to lube the heck out of the cable and mechanism. Silicone lubricants seem to dry out quick. I would probably use white lithium spray on it, if it were mine.
Agree. Regular exercise is the key. I take my spare down at least every summer and lube the mechanism. It's good practice anyway; I figure if I know how to drop it I won't ever have a flat. But if I don't know how, the flat tire comes looking for me.