Penis curved from excessive and 'underlubricated' masturbation. is this condition reversible if frequency reduced and done with proper lubrication?

Different cause: Masturbation doesn't cause penile curvature unless penis was fractured which is highly unlikely. More likely is that you were born with slight curvature, either downwards (chordee) or sideways to the left. This became more noticeable after puberty, about time normal boys start to masturbate frequently. By all means use water soluble lubricant. Consider seeing a urologist if curvature is severe.