WD-40 is not really a lubricant. And it's not clear to me it would help at all. Really, what you want is a liquid that helps remove the grinding/honing media from the cylinder. "Lubrication" of the honing operation is really secondary.
For that reason, I hone in a utility sink that is filled with enough hot, soapy water to cover half the cylinder. Obviously, safety requires a cordless drill motor, but the variable speed comes in handy. IMHO, a true detergent is the only thing that will remove the honing media, some of which is microscopic. At one time I worked in a shop where finished cylinders were even run through a dish washer. Once you understand that the media of the honing stones is harder than diamond and continues to cut metal if left behind, then getting rid of the media left by the honing process becomes the primary key to long engine life.
Just my 2 cents.