In my own humble opinion, go with the "grease nipple in the elbow" idea.
Had the same thoughts with my Z, but I decided that the coatings of old yellowed/peeled off so didn't want to take the chance with the modern coatings either. I've had no problems keeping it all shiny, though I do give it a quick once over every 2-3 rides with Autosol or Mothers.
Besides....it can be good therapy.