Hmmm.....
Water-based will undoubedly wash out (unless you live somewhere which doesn't get as much rain as we do in the UK

) But, most rubbers are attacked by petroleum-based lubricants. Without being too smutty, that's why we have water-based lube to start with (hint, think KY

)
Kirsty's right IMHO - it's really just to help fitting. Neat washing-up liquid is great for that sort of thing. Works a treat on exhaust rubber hangers (and much more fun than washing up with it

)
Thinks - must remember to look at my rear ARB bushes/drop-links. Actually - hope they're OK (fairly sure they are) as my MOT's tomorrow

but as other posts suggest, it's probably worth doing them soon. I've done about 85,000 miles (converted!) and already done one front drop-link. Second one's in the back of the van - just haven't got round to doing it as it isn't making the same noises that the other one was .......
