So I took the 2 bolts out in the seat portion last night at home just to see what's going on and the holes aren't wallowed out at all. I actually had to use the ratchet to get them out after the nut was off. I took one bolt out at a time so I wouldn't lose washers. (7/16" drive on the nut/bolt).
There's 3 washers between the aluminum tubing and one next to the bolt head and one next to the nut. So 5 washers, a nut and a bolt (in case anyone drops one).
I rubbed Gulf Wax on all of the points of contact including each side of the washers, tubes and the threads of the bolts then reassembled everything.
You can get the Gulf Wax to flow with a lighter or a heat gun. A hair dryer will probably soften it too.
I couldn't get the seat to pop, creak or squeak at all but this was just after setting up in the basement.
I plan on spending a lot of time in the Pac Seat over the weekend and I have a week off coming up so I'll try to remember to update how this Gulf Wax worked.
I'll try to search for a more permanent solution but I'm no metallurgist. I'm wondering if a softer i.e. copper washer or something similar would work better than the assumingly steel ones in there now?