Both -- you can drain the water from a closed seacock through the hole; or if you insert a zerk fitting, inject grease into the seacock.
Thanks for the reply. If you open the seacock with the boat out of the water does that eliminate the need to use the drain/lube hole to drain water. In other words, is there possibly water in the seacock body that is somehow trapped and can only get out through the drain hole?
These seacocks are Apollo brand. Bought them at West Marine.