I vote for the water and vit E approach. Petrolium based products are not the best for raw skin. Pure non-hydrogenated cocoa butter works good overnights also. Stay away from flavored lip balm and glosses, per the dermatologist, the flavorings are usually artificial resins that exacerbate the problem.
BTW, I find the A + D ointment will help protect windburned lips, but the vit A tends to dry up my skin like Acutane.