Stumbled across this thread after working with a student. Found a very good solution.
One of my high school students stumbled across a beautiful '75 Precision in great shape that he uses to play in ensembles at school. Long story short, he decided to change strings on it (which is probably the first string change on this bass in about 25 years) and asks me for help. We get the 'G' off and it's kinda hard to turn. The 'D' is REALLY hard. The 'A' is impossible. Won't move. We try WD-40, gloves, pliers, everything. I'm checking the internet to no avail. We go down the hall and ask the guitar teacher of 40 years what to do and he says two words: VALVE OIL. Valve oil like you would use on a trumpet or trombone to lubricate the metal-on-metal process of brass instruments. We grab some valve oil from another student and his pegs are as normal as they were in '75. One or two drops on the gear, a little twist and everything moved fine. Easy cleanup.
Now, I'm not saying that this will work on any kind of tuner or any kind of bass, but it sure did work on an old Fender with vintage clover-style tuners that were utterly stuck. YMMV.