Hi, I recently purchased this vintage Boston 55 "Ranger" Draftsman's Pencil Sharpener (I'm a draftsman, among other things), from ebay after looking at brand new imported ones from amazon. This was about $4 more than a new one, but had a better paint job, and the handle is wood instead of plastic.
The steel cutters were caked solid with years of packed-in graphite, cedar, and oil that formed a hardened mass like dried glue. I doused it with WD40, let in soak, then ran a pencil down each spiral "trough", more WD40 with a toothbrush... then a bath in simple green and warm water, a few minutes in a 150F oven to chase all the water out, reassemble with a spot of wax and a drop of mineral oil... a little never-dull on the case, and it works like new! It doesn't shave the wood quite as smooth as the electric ones, but the shape and length of the point is superior... perfect for the refined draughtsman.
-Pete