Jayro,
Yes it is possible, but yes the balls suck oil, you need to actually REJUVINATE the ball, I have soaked a ball in water a bunch of times and then the next day take it and bake it and it bleeds for hours ( that was not an ebonite btw) so I don't think soaking it is the best way to go.
I do agree that sometimes we think a ball is dead and really it just needs to be baked and the take the surface UP not down and I have had great success getting balls to work again and even better. I was experiencing a ball that was burning up like crazy outside, but there was enough oil that it didn't have the pop in the back to make it work in deep, it would hook but just not as much as I thought it should. Then I bake it and take it to 2000 abralon and it is a beast again.