Red rubber grease is the best waterproof grease, in sealed bearing hubs it's only usually the freewheel mechanism that needs lubing anyway, the grease otherwise just stops corrosion!
You want an oil on the pawls and a waterproof grease, e.g. silicone grease on the seals. If water is getting to the pawls then it's getting to the bearings too; prevention is the key here.
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