We supply and install automated lubrication systems. Water ingestion can be a problem on systems that have large reservoirs, and especially in areas that have high humidity. We have started using a product that was actually designed for diesel fuel filtration.
Davco Technologies make a diesel fuel processor that is designed to go into the suction line of the system and will filter and separate water out of fuel. if you slow the flow down, you can run lubricants that are much more viscous through the unit and it will work in the exact same fashion. We put these things on small kidney loops and mount the pick up as low in the tank as possible to make sure we pick up any water that has settled in the bottom of the tank. It will also help scrub the lubricants as the filter elements are as low as 3 micron.
If you want more info please contact myself or check out their website at
http://www.davcotec.com/seeinganim.htmlDean.