I find it better to use napkins from one of the fast food restaurants to wipe the dusts off, just rub it until it comes off, it's not that hard, it just takes awhile, i tried it while waiting for food at Carls Jr. and it worked really great, and lube it after u rub the dust off, ur cube will feel unbelievable to ur own hands, haha.
i don't like wetting paper towels or towels because you get water on it, u can't tell if the dust is on it or not cuz once water touches it all the dust disappears, that's what happened to me before i waited for food at Carls jr. if you check the next day there will still be dust.
to answer ur question, yes it does take part of the lube(if not all) away, it's better to re-lube afterwards.
