The grease spec'ed by BMW for the points felt is Bosch Ft1v4;
Capitol Cycle has been a good source for this over the years but the last time I tried to get some from there they were out of stock on it. If anybody is calling CC ask Tom when he thinks he'll have some?
Ft1v4 is a thick grease. It is used because it will tend to not get flung off the points cam and contaminate the points. If you use too thin a grease it may ruin the points if it gets on the contacts. Use sparingly whatever grease you use.
There are other points cam greases that have been found to be suitable;
That price unfortunately is about what you are going to end up paying for a name brand points grease. Beware of the foreign car parts sites on the Web. I found Ft1v4 at several for this price but shipping was another 10 or 20 bucks.
If you have a NAPA store near you they have a grease they say is suitable for points cams. I got some. Forget the price but it was probably less than $10. You may like it. I don't think it's too great. The oil separates and it needs to be mixed by squeezing the tube. I'm using it but looking for something better.
Motobins may have the real thing in stock but I don't have a large enough order to call them.
Actually what I posted last is my diatrabe concerning points cam felt lube but I didn't answer your question. Let me add; I have seen where other riders have used a Dielectric Grease for this. I don't know if it has been that good or bad. No reports from same riders of experience after some time in service. None that I recall anyway. If the DG gets on the contact points I think it would still cause problems. The points need to stay clean. The grease used should be thick.
It may work just fine. The Bosch product might be better. I'm still hoping to get some someday.