From what I've read , WD-40 is a mixture of light mineral oil(less than 10w) and fish oil. Rustoluem red primer for rusty metal (commercial grade enamel, oil-base) also has oil, and fish oil in it. I've painted lots of rusty stuff with the red primer, and never top coated, and it takes about 10 years to rust. I've cut, drilled, and tapped using WD-40 as lube, Never seemed to affect the paint sticking, If it does start to rust, its hard to notice on the deep red finish. I would just paint it after a quick wipe with mineral spirits or acetone, which ever is handy.The reason you don't want to use anything water based is because the rust will soak it up. If you dont get all the water out before you paint,(which would probably take some heat to chase the water completely out) it will probably continue to rust more underneath the paint, cause blistering, and eventually flaking off.
I've used different brands of rust reformer. Some are solvent based, some are water based, and then it has to match you paint. I stick mostly with Rustoleum, and some Benjamin Moore. I would have to check but i think the rustoleum is .......
If you are using the flat black autmotive version I wouldn't worry to much , the SDS I saw has lots of solvents in it.
https://www.rustoleum.com/MSDS/ENGLISH/248658.pdf
3. Composition / Information on Ingredients
HAZARDOUS SUBSTANCES
Chemical Name CAS-No. Wt.% Range GHS Symbols GHS Statements
Acetone 67-64-1 25-50 GHS02-GHS07 H225-319-332-336
Propane 74-98-6 10-25 GHS04 H280
n-Butyl Acetate 123-86-4 10-25 GHS02-GHS07 H226-336
n-Butane 106-97-8 2.5-10 GHS04 H280
Hydrous Magnesium Silicate 14807-96-6 2.5-10 Not Available Not Available
Xylenes (o-, m-, p- Isomers) 1330-20-7 2.5-10 GHS02-GHS07 H226-315-319-332
Dimethyl Carbonate 616-38-6 2.5-10 GHS02 H225
Hydrotreated Light Distillate 64742-47-8 1.0-2.5 GHS08 H304
Ethylbenzene 100-41-4 0.1-1.0 GHS02-GHS07-
GHS08 H225-304-332-351-373
Carbon Black 1333-86-4 0.1-1.0 Not Available Not Available
Naphtha (Petroleum), Heavy Aromatic 64742-94-5 0.1-1.0 GHS07-GHS08 H304-312-332
Zinc Phosphate 7779-90-0 0.1-1.0 Not Available Not Available
Sulfonic Acids, petroleum, calcium salts, overbased 68783-96-0 0.1-1.0 GHS06 H331
Zinc Oxide 1314-13-2 0.1-1.0 Not Available Not Available
Methyl Ethyl Ketoxime 96-29-7 0.1-1.0 GHS05-GHS06 H302-312-317-318-331
HTH
Good luck