Once I greese it, I have to crank it all the way down and then back up a few times though, right?
I thought it was going to fail on me last night. The stand went from a little tight to almost seizing in about 3 trips to the water. My old boat's jack stand did the same thing, so instead of buying a new one, I figured there must be somewhere else to greese it. I thought the shaft, but that didn't seem right... I have a ton of greese, so i will fill up the hole you describe.