With thanks to jimmerkv for a great post and photo's on how to access the VC12's footpedals to adjust and eliminate 'squeaking'. The following is a copy of his post on 9 April 2009.
Problem solved! First I tried to adjust the pedal tension viaI the 3mm hex bolt. That did change the stiffness of pedal movement, but did not remove the squeak. I did not want to blindly spray lubricant under the pedal so I disassembled the VC-12. (For those that want to try this, an explanation with pictures follows this description.)
I removed a few too many screws , not realizing which ones attached the back to the front. (note to other users, the machine screws on the outside of the brushed aluminum trim do not need to come off, nor do the 4 screws in the center of the bottom of the unit, see below). Once the back was off, I saw that you can remove the pedal assembly via the 4 brass screws attaching each pedal under the top of the unit. After removing the pedal, I exercised the tension hinge beyond its normal range of movement. I did not apply any additional lubricant. But I noticed that the squeak did not happen when moving the hinge by hand. I moved it through its full range of motion a couple more times, finguring it might redistribute whatever lubricant was already on there. (Interestingly, I noticed the hinge bar actually seemed a bit sticky rather than slippery.)
Then I re-attached the pedal and moved it by hand before closing the back of the board. No more squeaks!!!! I reassembled the back and tested it out. Pedal works fine and no more sqeaking, even with the tension adjusted for a bit stiffer action.
Important Note: You can adjust the tension/resistance of the pedals with a 3mm hex key without taking the vc-12 apart. See Step 3 for the location of the adjustment openings in the bottom of the vc-12.
Here are some snapshots of the process (the screws at each step are different sizes, make sure you store them in separate groups.):
Step 1 - remove the single screw to the right of the volume pedal on top of the vc-12.
Step 2 - remove the two screws on the back of the vc-12 unit.
Step 3 - remove the 10 screws along the perimiter of the bottom of the vc-12. (Leave the 4 screws in the center alone. They hold metal spacers that support the top of the unit under foot pressure.)
Step 4 - If necessary, you can take the pedals off of the VC-12 by removing the 4 brass screws pictured. Note that the pedal does NOT have a mecahnical coupling to the pedal board circuits. Be sure not to damage the optical sensor when maneuvering the pedal's metal position tab through the slot.
I hope this helps users down the road who may run into the same issue. Its a simple enough process and does not require any refined technical skills.