Suspension noise is a nightmare to trouble shoot. Lubricating will often make the noise disappear for a while but generally there is a reason a component is noisy, it is usually worn out and requires replacing. I would say at 165k miles you would be a candidate for a total suspension rebuild, all bushes, ball joints, shocks etc. This sort of work will transform the car by restoring it's original ride quality. I am part way through this process myself on my W126.

Matt.