On cams seizing . . . it happens now and then to the ring in salty winters. I've had it happen twice over the years and they can be sods to get out. Last time it happened was after 4 days in clouds and rain in the Spanish mountains on the Atlantic coast, at the end of which I left the bike, wet and filthy, for about a week. Had to do a lot of defurring of alloy parts and unseizing of ferrous things.
Whether a bit more attention to the felt strip and the pip would make any difference, I dunno. I tend to fit the strip well-greased plus smear the ring all round on the outside, but as Richard ponders, so do I! (Maybe we're meant to have an oil leak somewhere handy to keep things working . . . !)
The points heel will wear a bit over time, and maybe the capillary thing helps - but having loads of slime in there has its own downside too. I think the best thing is to pull the ring from time to time just to give it a wipe with some lightish grease. (I should do it more often obviously.) But I know a chap who favours that very sticky marine grease which repels water and keeps propeller shafts lubed in salt water!
The pivot post for the point will also wear (but very rarely seize I think) - a thin smear on that has to be good from time to time.
