I am sure you are right in your observations about graphite dust on lathe ways, however I will just throw this in as my experience of this.
Much of our work was EDM using high density (Poco) graphite electrodes and one lathe a Colchester Bantam) did nothing else but turn these for over 20 years, no covers only dust extraction which caught most of it but the lathe was always covered in dust and absolutely filthy. When the factory closed this lathe had the best unmarked bed ways of any other machine in the place.
We know dry graphite can be a lubricant but I am not sure if it also has any abrasive qualities in dust form but when in doubt keep it out.

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