Like I said earlier in this thread....get a Steersman Nut. They are sold in West marine and most other marine supply houses. They are a nut, with a grease fitting in them that replaces the large nut on the end of the tilt tube. If you use the grease fitting in the tilt tube you are NOT lubing your cable, only the tilt tube itself. By using a Steersman Nut you actually lube your cable itself, not the tilt tube. Since most cable failures occur within the first 3 feet of the cable (going from the engine side of the cable) keeping that section properly greased will add years and years to the life of the cable. The cost of the nut is cheap compared to the cost of a new cable and the time required to replace it.
There's not much you can do to save an already corroded cable, but once you have replaced the cable using one of these nuts just plain makes sense.
By the way... a long time ago these nuts were also known as Widget Nuts... so some of you may know them by that name... but now they are called Steersman Nuts.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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