The viscosity (thickness of the oil) of Wd-40 is a bit thin, which doesn't make it a very good substitute for honing. There is not enough thickness in the oil to do the job of removing the metal shavings and the swarf (particles of the stone).
The most commonly used oil used in honing machines for cylinders is made by the sunnen company and the product is Man-845 or Man 845. It runs about $160 for 5 gallons.
An alternative is using tractor hydraulic oil. This is a fraction of the cost at around $35 for 5 gallons.
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