I would say any solvent that doesn't mix with water should work. Try paint thinner, turpentine, or lacquer thinner.
But more importantly, does anhydrous lanolin really work ? ? ? ? Over the years I've slathered on most every conceivable concoction on the shaft and prop and they still come up covered in all manner of growth. And not a trace of the gunk I'd previously applied.
Ted, please supply more details such as running hours, appearance after one year, and anything else you can suggest. Never tried it before but just might try it next year.