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They do not share the same oil reservoir. The squeal you are hearing when you lower your engine could be a low oil level in the tilt/trim oil reservoir or you may need to grease the pivot points on the engine. If the pivot points are dry of grease they will squeal when you raise and lower the engine. The oil level in the tilt/trim system and the grease in the pivot points on the engine need to be checked.
The Hydraulic Steering is a totality different system. If you seen hydraulic oil leaking around the loose fitting that you found then you will probley need to add oil and purge out the air in the system.
You should have Installation Instructions and Owners manuals for the engine and the steering systey that are on your boat and you need to read and follow the instructions on the engine lube and grease points, checking the tilt/trim oil level and filling and purging the hydraulic steering system. These things are not hard to do but you need to us the right types of oils and gerease. Let us know if you have any problems and good luck. Bob.
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