Thanks everyone. So I called Larry DelGrego today and asked him about the pinhole on the cocking cam. He said it's a recess for a tiny pin that's part of the cocking mechanism. I asked if it was a good idea to put an occasional drop of oil down there. He said you could but don't overdo it and don't let the belly of the action and the cocking slide get gummed up with dirt/powder residue.
To keep the action clean and oiled he recommends removing the barrels and spraying BreakFree CLP into the action. Then allow to dry by propping the gunstock up so the solvent wont run into the wood.
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