As the McHitch "ball" is really just a locating pin there is no need for lubricant except maybe to the internal thread.
I don't lubricate towballs as I the lubricant attracts dirt and pieces of clothing, as soon as possible I swap out the hitch and ball for a McHitch setup which in my opinion is the pick of the hitches and the only moving parts can be lubricated by a grease gun with the lubricant contained by seals.

