Kevin, I've often used WD-40 and steel wool to remove surface rust from the bed of my lathe after turning wet wood. I follow it immediately with Johnson Paste Wax, and haven't seen any signs that the WD-40 was getting in the way of the wax. If in doubt, I'd say let the saw table sit for a half hour or so after wiping off all the "loose" WD-40 with a paper towel. It should be good to go after that.
Jeff, per the
WD-40 website: