Speaking of WD-40, during the best year of musky fishing in my boat so far ('04-'05), we were using WD-40 to keep eye guides/line from freezing plus soaking the spools with the stuff after every 30 minutes of fishing. The odor was everywhere including on our lures/hands and that certainly did not adversely affect the fishing.

Since my guide wrappings started to deteriorate with the abuse of WD-40, I have since switched to "Reel Majic" and that stuff is not so rough on the rods.