Is it not possible to remove the part and service it properly ? Strip it down clean it and re-assemble/re-fill.
WD-40 is something of last resort, I only use it if nothing else works, I've freed up old shutters with it however I've then made completely sure all traces have been removed. I use sewing machine oil sparingly for lubrication, often diluting it with IPA (Iso Propyl Alcohol).
Ian
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