I just did a bunch of old snap ons ratchets I bought on ebay. I packed one with super lube and now it runs silent and smooth, but I think I put too much in there and suspect it will skip. These are all 80 tooth ratchets and I rebuilt them with new kits. I prefered the feel of lightly lubed ratchets (more later).
After careful disassembly and inspection of my oldest models, I suspect the lube wants to be between the gear and the body that touch when you push down on a socket and turn. That's the face that wants the lube.
I define a good working ratchet as one that ratchets under the right amount of load. If you are running on a clean lubed fastener, you want to be able to ratchet the tool instead of backing out the fastener. So fundamentally, there's a relationship between the friction of the fastsner and the friction inside the ratchet. Forget the gears, grease the inside of the head.
In my opinion, the snap on 80 tooth ratchets feel the best. Only thing I don't like about them is the lack of a quick release (which I know you can get). Sometimes, when my hands are oily, I have trouble removing sockets.