I made a E collar out of cardboard- and yes- duct tape.. lol.
Lotions would not help. It will encourage infection, as well as most also contain forms of alcohol which would sting. For dryness- a punctured Vitamin E capsule might help. However- stopping the problem would be better.
Keep us posted.. And I know what you mean by grey hair- the dogs will cause as much as kids sometimes. After this is done- if that be the case, treat yourself.. lol..