Jon,
The easiest way to get acquainted with WD-40's effect on bone-handled knives would be to just pick a common and inexpensive 'user' knife in bone (Case, etc.), and designate it as a test subject just for the purpose. Proceed as many others here have done in sprucing up an old, dirty knife, and give it a 'bath' in a manner similar to that outlined by Frank (knarfeng) earlier. Along those lines, this is how I've done mine, each time I've acquired pre-owned traditionals from the 'Bay or wherever, and I'll repeat it on my frequently-used knives maybe a couple or three times a year, and/or as needed:
Douse the entire knife by spraying WD-40 into the the joints, between liners and springs, etc. Don't be shy with it; spray it liberally and let it run through everything and drip away. Exercise the joints to work dirt out of them while it's wet. When you see the liquid coming out clean, and can discern no more issues with grit or stickiness in the joints, then let the liquid drip away and wipe it all down with a clean rag or paper towel. Set the knife out on a paper towel to dry (for as long as you want; I've found it seldom needs more than a few minutes). You will notice some oily film on it for a while; that's just the oil left after the solvents evaporate away. And even after a day or so, most of that will essentially disappear. The tiny bit of it that's left sort of fills pores in the metal, and this is what will afford a little bit of lubrication and rust protection later on.
If you wish to do so, you can give the knife a bath in warm/hot soapy water (using dish detergent like Dawn, etc). For the sake of this 'experiment' though, don't worry if you just leave the knife as is, without the soapy bath. Even doing that, you'll notice (if anything) the only lasting effect of all the above will just be that oily film left on it. And that's just light mineral oil, the same stuff that everyone seems to agree is 'safe' on these anyway.
I recommend actually doing the above, because it's all too easy to read too much into other people's 'warnings' about the so-called 'hazards' of WD-40, usually coming from those who've never actually used it, or have read uncorroborated horror stories about it, or have had one odd experience with it, under less-than-normal circumstances. Those of us who've actually used it for just these purposes (for a very long time) have already figured out it's no big deal at all. If there was a consistent pattern of knives being ruined by it, it would've come to light in a huge, public way a long time ago; this stuff has been in use a very long time. In a nutshell, the best way to 'know' is to 'do', and don't worry so much about what you read on the web.
Repeating what I said earlier about BRL's advice (specifically), I'm sure he's approaching it from the standpoint of most true 'collectors' of vintage knives, in that they generally try to avoid any of these 'cleaning' activities altogether, for the sake of protecting all the 'old character' in them. In other words, since true 'antiques' typically lose collector value ($$$) in doing so, collectors and the people who appraise them for value are always going to discourage it. From BRL's standpoint, he is justified in doing so; but it's got nothing to do with harming the appearance or functionality of everyday knives that people actually use (and I bet he knows this, too; but in his particular forum, use of any solvent-based cleaners is not the advice one gives to collectors of true vintage antiques).
David