For cleaning, I do two things:
1. soap and water...scrub off any gunk/sap/guts/blood/vegetation.
2. Solvent bath. Acetone, MEK, brake cleaner from autoparts store, etc, will remove any remaining oily stuff down in the pores and dry out any residual water from step 1. Avoid any chlorinated solvents as they all tend to be from moderately bad to very bad for your health (just read the label... anything with "chloro" in the name is chlorinated. Chlorinated solvents do tend to work a bit better in many applications, but not enough better to be worth the handling risk outside of some industrial application, generally.
WD-40 is about 75% mineral spirits (weak hydrocarbon solvent) and about 25% mineral oil. It also carries fragrance of some kind (I've heard banana and orange oil, but it smells like neither to me really). It is not a particuarly good solvent compared with stuff mentioned in #2 above, and is a pretty poor lubricant, and it is not refined well so contains varnish-like materials so over time can gunk up moving parts (of no consequence on a fixed blade, minor issue on folders, big deal on anything with precision tolerances). But it is fairly cheap, easy to find, and an ok rust preventive.
Any automobile wax would work pretty well after a good solvent bath... would get into pores somewhat (especially if you get blade and wax warm) and then buffed off (careful with that edge!).
Tuf Cloth is pretty good but a bit smelly.
Any kind of oil will work pretty well also, don't get too bent out of shape chasing the perfect rust preventive. A good bath (soap, then solvent) after use and a re-coat with you choice and you should be fine. Also, if you can avoid storing in a leather sheath, that often helps prevent "rust from storage".