Yes, a little WD-40 soak will loosen it up. I've done this occasionally by liberally spraying down the knife, wrapping it in a couple layers of paper towel which is also saturated w/WD-40, then put that into a zip-loc bag for a while (keeps the WD-40 from drying up too fast). Afterwards, flush it again with WD-40 (a lot of the dissolved rust should come out), then give the whole knife a bath in hot water & dish soap (Dawn/Ivory/Palmolive/etc). Dry everything out, then lube as needed.
A wooden 'popsicle stick', with a rag or paper towel wrapped around it, works well for scrubbing out the blade well of the knife. Could also use this in conjunction with the WD-40. Also a decent way to lightly sand/polish the inside of the liners, with some wet/dry sandpaper wrapped around the stick.
David