Oilites rock. They were invented back in the 30s or so by Chrysler and are still inused in many many systems. I use them in any slow moving or limited motion joint, like the girders, or seat hinges, hood hinges, etc. I replaced some in my dads old 70's Craftsman belt sander (which interestingly enough was all metric).

Don't put grease on them and don't heat them up. Heating them up will cause the oil to permeate out. If you machine your own from stock, do it slowly. Mcmaster-Carr has a great selection of them and there arent too many funky sizes out there. for what I typically need, they're about $.050-1.50 a piece and will last a loonng time.