Good luck with it, Andy. You could also use Badger's lube, Regdab. I prefer it. I've heard of people using all kinds of stuff, including glycerin and WD40. But, I'd stick with what the manufacturers recommend. My Neo came with some kind of grease in the valve. I don't know what is, but I just left it alone.
If the O-rings are swollen they might shrink back if you let them air out. There are actually three, but one is just a seal between the air valve assembly and the airbrush body.
Don