I also have a Yacht Specialties pedestal on my Challenger 32 and, having just replaced the engine control cables, am also about to lube the chain. The method Edson advocates is what I will use, and I reproduce here for you.
To properly maintain the moving parts in the top of the pedestal, it is
necessary to remove the compass and its cylinder. For proper
alignment when re-installing the compass, we recommend placing
three or four lengths of tape on the pedestal and compass as shown
below. Slit the tape when removing compass, align the strips of tape
when re-installing the compass for visual realignment. Your compass
MUST then be checked out for accuracy. Lubrication of needle
bearings should be done by squeezing Edson Part No. 827 Teflon
Lubricant into the holes located on top of the bearing housings
inside the pedestal bowl. Spin the wheel when squeeezing the
lubricant in to make sure the entire bearing is serviced. Winch grease
or water pump grease can be used as an alternative, but don’t let the
bearings run dry. Do not over grease as it will run onto the brake
pads. Oil the chain with #30 weight motor oil. Do NOT grease chain
as it does not penetrate the links.
Inspect the condition of the wire, tension of the wire and lightly
oil. Edson recommends placing about five layers of “Kleenex” on the
palm of your hand, squirt oil on the tissues and lightly oil the wire.
This will lubricate the strands but will also “flag” a broken or hooked
strand by tearing off a small section of tissue. If you do have a wire
break, replace the wire immediately. See Edson Part No. 775 Wire and
Chain Replacement Kits.
(Caution: Wire splinters can cause painful
cuts.) Replace the wire after 5 years. If still good, keep the old wire on
board as a spare.
You should check out the Edson site as it has much useful information regarding wheel steering.
Hope this helps.