WD40 is terrible as a lubricant, and as rust prevention. The only thing it's good for is removing stickers! I realize this probably doesn't answer your question directly, but my answer is to use a better lubricant so you won't need to buy gallons of it.
I beg to differ, sir. I'm a second-generation machinist, and a lifelong mechanic. After I retired from the USAF in '96, I began a career as an industrial machinery mechanic. WD40 is used for a lot of different applications that go against the grain of what we think we know.
As far as a lubricant, well, it simply isn't designed to be used the way most people expect it to be used. Its a light lubricant - about as light as kerosene, with is lighter than 5wt oil. You can't lubricate any ball bearings and expect it to perform, but lubricating a sleeve bearing with tight tolerances, it is great.
WD40 is a jack of all trades and master of none. It is also one of the better rust-preventatives if used correctly. It must be applied and then allowed to dry, and then it does all of the volatile compounds evaporate leaving a waxy film. That film is really great at preventing rust. When we'd have our Christmas break in the shop (2 weeks off), we'd hand out cans of WD40 and all of the machine operators would spray all of the metal surfaces. It simply works.
Also, I would like to add a comment or two about penetrants.
Penetrants are penetrants and all a penetrant is, is a lightweight oil with some surfactants in it to keep the surface tension down. With a low surface tension, any oil will flow into a tight gap between parts. Rust is oxidized steel - obviously - but it is also porous. Any light oil will seep into the porous rust and make it weaker, giving you the ability to break its bond with the application of force. The bottom line here is that anything will work, but some penetrants may take longer than others. I like Kroil, but I don't think its worth the money. A little kerosene and a drop of Dawn will work just as good.
Gosh, I didn't realize I was typing and got carried away. Please forgive if it sounds preachy.