Well I decided to try your suggestion, I've just been way too busy until today. I went to Autozone and bought a bottle of the 3 in 1 oil (clear looking). I've applied the oil using a q tip to the bottom cam shaft spring on each side of the cam from the bottom (lamp) side. I've done this 3 times so far, including switching off the unit and unplugging it for 5 minutes after each application of oil but so far nothing's changed.
In the Service Menu, Iris 'OK' is still in Red. I also noted the top of the menu said MM: 1.15, F: 1.00, IM: 2.00
So is my firmware version 1.00?
Other than the clicking iris/shutdown issue, the picture seems perfectly fine.
I've been trying to avoid shipping and paying a large repair bill but I'm going to try to get a better ballpark figure for only the iris replacement from Heartland this time. Last time the receptionist just said it could be $300 or 600, not sure.
If I could get it fixed for $300 or under, I'll do it but otherwise, it's part out on ebay or CL time.
I'll try lubing it a few more times over the weekend and see what happens...