Yes - I'm sure it's near the wheel because I hear a rubbing noise near that location. The cable termination near the jet was also stiff, but I managed to force enough lube up there to get rid of that friction. The rubber seal was still intact there, but I can see how water can easily migrate up there and cause corrosion.
I've been doing some Googling and there are various YouTube videos that suggest how you can force lubricant into the cable using a compressor, some rubber tubing and some clamps. The pressure will force lubricant though the small gap in the sliders and down the length of the cable. I'm going to try this and I'll post some pictures of the result. A replacement cable isn't expensive (well, depends on your perspective of course - it's about the same as 2 tanks of gas here in Canada), but a set of fittings and tubing is less than $20, so I'm going to try that first. And I don't have to wait on the parts to arrive. Boating season is unreasonably short here, and waiting a few weeks for a part can be excruciating.