Eric,
First, I'd caution anybody to be careful of the grips, whatever secret formula is used!
Rem Oil falls into the category of "any light oil," as Bill suggested. I clean my shooters' barrels with Hoppe's #9, the old classic, a brass brush, and aluminum rod, but taking care not to allow the rod or brush fitting to be banging around against anything. I use the same solvent during the eventual detail-strip cleaning of any used pistol I acquire. Once clean, I apply a drop of 10 wt. oil or spray with Rem Oil and wipe to remove the excess, leaving a light sheen of oil on all surfaces of every part. When reassembling, put 1 drop of light oil on each pivot, axle, or rotating shaft as you go. I have a small paintbrush I use to apply dark lithium grease to the rails and grooves in the upper, and whatever slides in relation to it. The brush leaves a light coating.
I don't usually use gloves when I take a gun out for some lovin', but I am careful to wipe it down with a silicone impregnated gun cloth or a Clean terrycloth misted with some Rem Oil before I return them to the lockup. This removes the fingerprint residue and spreads a nice protective coating. If you apply and buff a round of Renaissance Wax, you're doing the equivalent, plus no worries about the grips. My opinion about thorough cleaning is that once it's done, there's no need do it again unless something nullifies or overcomes the protection established by the last cleaning. I'd lobby Debbie to allow perhaps an annual removal of the grips, for inspection. Wood is porous and can absorb some of the protection, worst case some rust can get going where they touch. If you waxed underneath, I think that would be fairly durable protection.
The scoop on WD40 is that its name itself was derived from its designed purpose--to displace water. I think the problem with its formula and firearms is that a gummy residue that remains after the volatiles have evaporated, which will build up with repeated applications. It would be perfectly fine as a stop-gap, to thoroughly spray down (after removing wood grips) a gun if it, say, fell into the sink accidentally, until it could be properly cleaned.
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"... Liberty is the seed and soil, the air and light, the dew and rain of progress, love and joy."-- Robert Greene Ingersoll 1894
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