I've seen people spray maky strips with WD40, I've even seen somone fishing maky strips soaked in vodka!!

Where the WD40 thing came into fishing as I recall was lure fishing mainly in the states for largemouth/smallmouth bass and muski's etc, it took off briefly here too lure fishing for pike and in turn made it's way onto the boat fishing scene again for lures.
The idea is quite simple it gives a scent to an otherwise flavourless lure, nothing to do with fish oil it's just a scent, if the fish can also smell your lure the idea being you increase your odds a little over if the fish has to be within a couple of feet to see it.

Does it work, heck knows. I might try it next season on the boat and compare results with scho while he doesn't lol