Oil and water don't mix, so putting them in the oil (GT85) without cleaning them out means the trapped water will rust the parts anyway.
WD40 is water dispersing, GT85 is only a lubricant. Take all the bearings out, remove the shield/s and flush them through with WD40 or motor spray until all the water and dirt is gone. A final flush with motor spray, then dry them, then GT85 to lubricate - done!
HTH
