Originally Posted by
02Pilot
To the OP: is it a freewheel or an IG hub? Your post is confusing; you say "freewheel", but you also mention an oil port.
Many old hubs had oil ports, not just IGHs. I have an old Dura Ace front hub that has an oil port. Check out this catalog:
http://www.sheldonbrown.com/shimano1973/pages/da7.html