Andy,
I'm not sure I agree with your assessment.
While WD-40 does the following (from their website)
CLEANS: WD-40 gets under dirt, grime and grease to clean. It also dissolves adhesives, allowing easy removal of labels, tape and excess bonding material.
DISPLACES MOISTURE: Because WD-40 displaces moisture, it quickly dries out electrical systems to eliminate moisture-induced short circuits.
PENETRATES: WD-40 loosens rust-to-metal bonds and frees stuck, frozen or rusted metal parts.
LUBRICATES: WD-40's lubricating ingredients are widely dispersed and tenaciously held to all moving parts.
PROTECTS: WD-40 protects metal surfaces with corrosion-resistant ingredients to shield against moisture and other corrosive elements
The site also said that
How long does WD-40 last after application?
While this may vary depending on the application, WD-40 remains effective even after it appears to dry. The corrosion and rust protection ingredients remain adhered to the surface. External conditions may, of course, require additional applications of WD-40 for maximum protection.
That extended protection is what I am looking for. It may not lubricate as well as other products, but it does continue to protect.
For the entire time I have owned my M, the mast did not rotate. It was annoying, but I lived with it. In one of the threads discussing that very topic, there were a variety of solutions, but some genius on this site said to use WD-40. I did

About a month ago I sprayed some on the washers in the mast base. It has worked well since then. I intend to give a spray every time I take the mast down for travel. That will be about four times a season. I also will try to spray the areas that Jim mentioned at least a couple of times. We only have a six month window of sailing here, so I think it's doable
Ray