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Well, even if you do find it in a dictionary, it sounds like a terrible
word, and I suggest that any "workaround" probably reads much better
than the original.
1. Draw two parallel lines
2. Parallelize two lines.
Note how example 1 has a meaningful verb, whereas example 2 leaves us
wondering what the sentence could possibly mean. I suspect that even
more abstract usages of "parallel" do not render the verb "parallelize"
any clearer. Go with your instincts on this one.