Why not do as you say, start with a smaller hole that fits a spray lube and try that and see if there is any immediate improvement? You can then drill larger bore hole and fit a grease point if needed.
A suggestion for a good spray lube would be a teflon based spray similar to that used for bicycle chains? Light oil with a teflon based lubricant (not "long strand" silicon heavy chain lub)
http://www.ebay.co.uk/itm/Sport-Direct-TF2-Spray-Lubricant-450ml-Cycle-Accessories-CCA-SPORT-DIRECT-TEFLON-/320998459400?pt=LH_DefaultDomain_3&hash=item4abcffc808
or
http://www.ebay.co.uk/itm/TF2-LUBRICANT-SPRAY-WITH-TEFLON-150ml-03021-SINGLE-/190797987913?pt=UK_Motorcycle_Parts&hash=item2c6c724049
If selling the car is the final sanction, the drill and lub has got to be worth a try?