The smell of WD-40 is not something I enjoy. Here is the MSDS
http://www.wd40company.com/files/pdf/msds-wd494716385.pdf
sounds hazardous.
Here is the MSDS for Rennaisaince Wax
http://www.highlandwoodworking.com/msds/renaissance_wax.pdf
note the reference to Mineral spirits, something I avoid
I use Sunshine Cloth, here is the MSDS
http://www.riogrande.com/Content/Sunshine-Cloth-MSDS-pdf?Pos=16
It does not stink like turpentine the way WD 40 does, and I suspect Rennaisance wax does too, since it lists Mineral spirits, but I have no first hand experience
Mineral Oil is what I use to oil the joints, and I also oil my knife handles with it. Here is the MSDS
http://www.sciencelab.com/msds.php?msdsId=9927364
It is an odorless, non digestible petroleum product that does not go rancid, nor does it get tacky like vegetable oils. Probably the most harmless of the items listed.
Keep in mind that if the bone has pores, the oil will go into the pores, which can change the color of the bone. Check with your vendor for their professional advice.
Here is a knife with very porous bone handles. The dark spots by the middle handle pin are where I allowed 3 drops of mineral oil to soak in, something I regret
otoh, I have never regretted using Sunshine Cloth. It does have abrasive in it, and it will quickly remove patina. It also leaves a deep shine on handles, because it contains wax. And water beads up on the blade after treatment also. It is by far my favorite polishing product.