Bultaco290 (and BTW I know what a Bu 290 is :)) -
Yes and no. Yes, it is a good idea to make sure your swing arm bushings are lubed. But no, the failure of the shock bushing may not be an indicator that the swingarm bushings need lubed. That lower bushing seems to be able to go to crap pretty quickly sometimes if if gets the wrong stuff in it. In that case, if the swingarm is known to be OK based on your maintenance schedule, then pop the puppy out, a new one in, and go ride. There have been reports here that in some cases the bushings are lasting just 3 months.
My point in the earlier post was that removing the swingarm was not necessary to perform the operation. On the other hand, is it a good idea to check over all the bearings (wheel, swingarm, shock pivot) and lube/replace as necessary? You bet. Your point is well taken. I checked mine over the other day when putting in new pads, and sure enough I had play. It is in the wheel bearings though which will be replaced this weekend.
BTW, what year 290? How much do you ride it?