I'm also knock-kneed on the bike. My feet point outwards, so forcing them straight (to avoid bashing ankles on the crank) results in knock-knees. I've had problems with fixed cleats, but do well with mega-float Speedplays. I was told that the splay-footedness originated from sitting the wrong way as a kid - starting in a kneeling position and then putting my butt on the ground between my legs.
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