I went through a phase of doing this - I'd seen a guitarist use WD-40 when wiping down the strings on his Takamine acoustics and since I had some around for bike maintenance did the same for a while.
This was on an Ibanez Roadster bass with a varnished neck, so drying out the natural oils wasn't an issue. I'm not sure I really noticed a huge amount of difference - maybe the strings were a bit slicker and cleaner but the main change was that the whole thing smelt more 'mechanical'.
At some point I got out of the habit - I think a wipe with a clean dry cloth is generally enough to preserve them a nice long time, and I can get just as much speed by not gripping too tight as I can by making the strings slippery.
Therefore, in my experience, you can do it (at least on a bass with a varnished neck) but the value really depends on how much you like smell of WD-40...
Wulf