To replace the whole crankset, if that what you decide to do, you either need to match the spindle of the old bottom bracket or replace the bottom bracket. You almost certainly have a square-tapered spindle. You can still get Sugino and possibly other cranksets that take a square-tapered spindle. Even if you can use the same bottom bracket, you may get a better chainline by going with a slightly shorter spindle since the smaller inner ring of a compact can sit closer to the frame, which would give you more usable cogs with the big ring.
Oil is good, grease is better.
2007 Peter Mooney w/S&S couplers/Terry Butterfly
1993 Bridgestone MB-3/Avocet O2 Air 40W
1980 Columbus Frame with 1970 Campy parts
1954 Raleigh 3-speed/Brooks B72