Most of my CLA's are removing stuff like this, I use a machine oil (similar to clock/watchmakersoil) I've had for years and I dilute it with a touch of alcohol before appyling in the same fashion as the OP.

I do use WD-40 as well, however only when there's big issues with rust/oxidation, and once things are freed up I take a lot or care to remove ALL traces.

There's no way I put 3 in 2 oil near anyting photographic/