Sorry that is quite incorrect.
WD-40 - IS - a lubricant... It is a VERY effective one too... It is oil based.
It may loosen rust, and it can be used to flush any rust loose followed by a liberal rinse with either more WD-40 or glow fuel.
If WD-40 loosens rust, so will glow fuel with the heat of operation under normal circumstances... and that being the case a good cleaning is in order anyway.
I've used WD-40 in several dozen engines to get siezed engines back into operation, as part of a complete cleaning.
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Better still apply Dawn Power Dissolver internally, flush with hot water, follow that with WD-40.
Clean the carb, re-assemble and fly.
I've salvaged dozens of absolutely black and siezed engines this way.
Myth: WD-40 Multi-Use Product is not really a lubricant.
Fact: While the “W-D” in WD-40 stands for Water Displacement, WD-40 Multi-Use Product is a unique, special blend of lubricants. The product’s formulation also contains anti-corrosion agents and ingredients for penetration, water displacement and soil removal.
From the "horse's mouth".
http://wd40.com/about-us/myths-legends-fun-facts/