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wd 40 isn't a great idea unless you clean the heatsink afterwards with some kind of detergent, dust will stick like crazy to that thing if you don't clean the wd40 off afterwards. I live in a desert so it is dry and dusty, I'm not sure how much dust is where you live.
I would imagine that the pipe cleaners/paper towel would remove most of the WD40 so that dust attraction wouldn't be a huge problem. I doubt the increase in dust would be significant as the stock fins will accumulate a fair amount on their own!
Although I've never had oxidation on any of my heatsinks, I think WD40 would work well since it's a water displacer (get it? Water Displacement #40). Even though the oil may contract dust, it's much easier to grab a can of compressed air to get rid of dust, than it is to go in and remove oxidation fin by fin.