The Moly 60 is a gray paste, and it isn't super sticky, though like graphite, its particles tend to make a super thin layer on mating metal surfaces to facilitate sliding.
I used to put the stuff on "straight, no chaser" on splines, but I found that its base "grease" tended to dry up and fly off in not a very long amount of time. While I'm sure that some small amount of molybdenum remains on the metal, there is no longer a substantial mositure barrier to prevent oxidation. So, now I use roughly equal parts of moly-60 mixed in with a sticky, tacky base grease (I like "Red&Tacky" grease that I get at my local Tractor Supply store - it works great on my tractor & implements, and many people consider these old BMWs to be agricultural equipment anyway!). Mix the two greases together in a disposable cup or on a bit of cardboard, and then apply to your splines with an acid brush. The red and tacky stays on for a long time and provides a barrier, and there is still enough Moly-60 to do its thing too. A company in BMW magazines advertizes their "Guard Dog" brand lubricant, which is just basically this same thing. You can mix your own for much less $$.
Also, when lubing your clutch splines, ONLY grease the transmission input shaft splines - do NOT grease the female/mating splines on the clutch friction disk. This is to avoid getting too much grease in there, where it will fall/flay off and end up soiling your friction disk material -- not a good place for grease to be.
I've got a "how to" on clutch disk repair with pictures in the tech section - though it is on the later (1981-) clutch assembly and not the earlier version - though much of the same principles apply.
