Pard, I am going to have to say the WD-40 is not a good choice. It has moved over the years from being a decent lube to mostly a detergent now and does not do a very good for long job of lubrication anymore, IMO. Ie the quality has gone down over the years, gee whuda thunkit!
IF you must, Id use a 3 in 1 oil or a decent lube that will last a bit. I wonder what a silicone would do. The biggest concern is when the 40 starts drying out it will get sticky and grab every speck of dust that gets there and that thing will become a sticky mud cake and cause more problems that you started with.
The part about cleaning very well with brake cleaner, yes a good idea, ALSO, be VERY careful NOT to get any of that oil on your brake pads, No you can't really wash it off, NO it won't wear off, and can cause them to give you grief, especially on a hard or prolonged stop once that spot heats up and glazing that nasty oil in it.
I have seen pads that look fine, but when you used them they grabbed, chattered. There could be cracking you don't see, and once you put forces on it, and it heats up, things don't work right. Pads are relatively cheap, brakes are ...relatively vital.. don't skimp.
Aaron