I would suggest looking at the S&W forum for a thread where the "rumors" of the locking engaging on its own is explored a bit more. Not that it has never happened, but it hasn't happened nearly as much as it has been "heard' to have happened (much like the Glock's k!b).
hole in the side of the frame could be converted into a grease nipple for lubing the inside of the gun
I don't know what you do with your guns, but I put a FEW drops of light oil inside my S&W revolvers every few months (depending on use). I wouldn't think anyone would want to fill it with grease, or anything grease-like.
The internal locks, especially on Smith's is a very emotional issue. People seem to just not care at all, or hate them with every drop of blood in their bodies.
If the locks were prone to problems, I think they would have been addressed by now(same reason why the locks are there, to satisfy the lawyers regarding lawsuits).
Depending on what you're going to do with the firearm, I wouldn't recommend removing it either. Not only are you opening yourself to problems in court if you ever use it in SD, but you invalidate your warranty, and open the gun up to added dirt and grime.
Leave it alone, and it will leave you alone.
