Short answer... YES fit grease nipples and smash lots of grease through to clean out the bushes and trunnion.
Next: A few Velocette enthusiasts have launched an independent, commercial-free standalone Velocette Forum... FINALLY!
Please join us, it will become THE resource for Velo info etc.
We need people like you Limeyrider. Already after 2 days have over 60 members, and there's a wealth of knowledge there already. It can only get better -with your participation hopefully.
and sign on.