Yup, blast out the grease with motor spray or brake cleaner then oil with a light oil.
Instead of buying $5 bearing oil in a little bottle get a bottle of Mobile 1 5w-20w Synthetic motor oil and one of these bottles:
http://www.4chobbysupply.com/servlet...le-with/Detail
It will cost about $12 total and you (and your buddies) will be set for life...lol!