um no
WD-40 is not for lubricating it was designed to keep WOOD that gets wet Dimensional (WOOD DIMENSIONAL) "WD" such as in the building of a boat frame I use it as a cleaner but NEVER a lubrication.
Hubs are easy to take apart just have a lot of space and newspaper down and keep track of all parts in order
See this informational site: Park tools
http://www.parktool.com/blog/repair-...reehub-service
Freewheels removers are specific to brand so you need the correct one for the correct freewheel brand...
find a really junked out hub and take it apart to get the experience I just did two this evening