Lubing the bushing is a temporary fix. The squeek will come back. The stock bushing is made from 2 halves and it is undersized to make assembly at the factory easier. To really fix the problem, you need to replace the entire clutch pedal with a new delrin/teflon bushing. We've been doing this fix with the Z3 cars and it works great. It also prevents the clutch pedal from moving from side to side, which can be potantially dangerous when auto crossing, especially if you have an aftermarket clutch stop.
Read this article
I don't think Ron sells E46 clutch and brake pedal kits yet, but he may be interested in doing them for you. He is a bmwfest.com guy now.
Beefy-ass Delrin 1-piece bushing