wipe that stuff on the outside of the parts you want stripped
If you are going to "wipe that stuff on the outside" then you don't really need to strip the insides. If everything was working before you removed the wood, just leave the internal bits as they were, and make sure you thoroughly dry the assembly and lube it when done. I wouldn't use WD-40. I'd prefer Ballistol. When you remove the assembly from the boiling water, the internals will probably start to rust in short order. WD-40 will drive out the moisture but so will acetone; acetone is highly flammable, so don't apply it to really hot metal. WD-40 will leave an oily residue that may gum things up over the years and create new issues. Acetone will leave the surfaces absolutely clean and free of oil, so you'll need to lube things right away. The advantage of Ballistol over both WD-40 and acetone is that it mixes with water, so that you can bake off the remaining moisture in a low oven while the metal is protected by the Ballistol. Whatever "stuff" you use on the outside, it should be applied to an absolutely clean surface so that you get uniform results. If you don't want to dip your assembled frame in acetone before applying the "stuff," at least scrub the outside first with acetone or wax and grease remover from the auto body supply.
