WD-40 is a solvent and will get moisture and most greasy stuff off. But, that just leaves you with squeaky clean, unprotected parts. After the parts are dryed from DW-40 then rust prevention can be addressed or the parts will just start to collect moisture and rust again. If you sprayed them together the WD-40 would be washing it off as you were spraying.
Added note: Starting a stored engine and not driving it is the worst you can do. The heat attracts moisture and rust forms. If you drive it and get it up to operating temps, you boil out the water and then it is coated with oil for protection. The worst offenders are airplane owners and motorcycle owners. Air cooled, but the same holds true. Temp of the water in the cooling system is only that, the real heat is the exhaust gas temps where the temps reach 280-300 degrees, hense boiling out the moisture. That's why warming it up til the thermostat opens is not nearly enough.
2-cents
