I would recommend lubricating (I use 3 in1 oil) on all the joints. The top material can be replaced, but the top frame, not so much.
This is a good recommendation for a new top. I bought my 53' Merc Convertible top from them and it is perfect."
https://aro2000.com/107+112_order_form.htm
Leave the top up as much as possible, and cover it, if only with a sheet.