Hey Alex,
When I replaced the impeller on Tugger Toy last Fall the new impeller came with a little tube of lubricant which is basically just glycerin. Nigel Calder says to use glycerin or dishwashing liquid. My theory, however, is that both of these products are water soluble and will just wash off after the first few revolutions of the impeller. In my years of work experience in different fields, I have come to learn that petroleum based greases and lubes are detrimental to the life of any rubber components. Silicone Grease, however, is very friendly to rubber parts and is widely used to lubricate plumbing parts like rubber packing and o-rings. As I replaced my impeller at the end of the season and knew that it would not see water for several months, I gave it a moderate coating of silicone grease and have had no problems since we splashed the boat for this season.
So I guess the answer is stick with the widely used glycerin or give the silicone grease a shot. You can find small tubes of the silicone grease at most auto parts stores as it is frequently used to lubricate the boots on spark plug wires to keep the rubber boot from welding itself to the ceramic neck of the spark plug.
Eric