Rag,
Our boats are a similar vintage and just down the road from each other, so I think our conditions are the same.
I think with all the gunk in the air in our part of town just keeping that groove that the sea hood runs in clean is a big help. I use a cloth on a stick to scrub it out every now and again and it makes a big difference. Use lots of running water as well, you'll be suprised what comes out of there!
Also, I used to use a paste wax in the groove, but I now use McLube Sailkote in the (clean) groove and I think it works better.
Ron has a good point about the wear as well, it's just not a great design. Actually, it probably was such a great design that no one at the factory thought we'd be talking about how to keep it working well almost three decades later!
I've heard of numerous owners using the McMaster/Carr teflon strips as well, and I also remember something called Japanese Glide Tape that some owners swear by. For now I just clean, but I'll probably get to one of those solutions if the boat lasts yet another decade!
DanM.