Mine was really creaky when I got it but seems to have gotten better as the miles rack up. If the squeak comes back I'll probably try some bicycle chain lube because its not supposed to attract dirt.That is correct as far as removal. I actually had mine out and it felt great as far as feel goes.... i did how ever put it back in because the pedal was vibrating and it was sitting about a quarter inch lower then stock.
AS far as grease, I gave up on that. After a bit the grease gets contaminated with dirt and dust and makes it sticky again so.
Long story short, gotta live with the creak i guess?