99% of windvanes need no servicing. I don't know about yours, but if up the mast, change mashead light bulb, check VHF connections/brackets and light connections check all split pins and shackles, check masthead pulleys/blocks for wear (lubricate blocks), thats about it I think, Oh! and inspect any swaged fittings for obvious signs of cracks and corrosion. Anything else?
I think you will find that the windvane/windspeed units are practically 'sealed units'. It is certainly not a thing you can do 'while up the mast'. If you have any reason to suppose that it is getting a bit stiff then you will need to unplug the masthead unit and bring it down with you. There is then the choice of trying to take it apart or returning it to the manufacturer for a service. I can tell you that they don't last for ever as my windspeed no longer rotates in anything less than a gale.... (but then it is about 10 years old).
Since most of us find going up the mast to be less than fun I suggest you test the new bulb(s) you might think of fitting by running them for a while on a battery with a few on's & off's. There is a thing called a 'bathtub curve' which suggests that if a component survives the first few hours of use it will probably last for quite a while.
Roger