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I tried WD-40 once on a tube radio with an open-plate tuning capacitor. '38 or '39 Crosley if I recall. The radio ceased to work altogether. Like kx just said, WD-40 will detune any open-air tuner completely. The oil in it must be conductive or insulative or dielectric or whatever. So I bought a can of NAPA carb and choke cleaner and gave it a shot. Radio worked perfectly after. Cool thing about it is it really "blasts" away debris. I don't think it leaves any lubrication though, so maybe a dab of non-conductive lithium grease afterwards.
I've been told that WD-40 is a bad idea on contacts that might spark. The residue is flammable. This from a pinball-machine restorer, second hand, but seemed like a reputable source.
Save the WD-40 for your squeaking door hinges.
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