I would avoid wd-40 unless it is all you can get. Go down to ace hardware or true value and get some machining/milling oil (drill/tapping oil will works as well). I have even used a really light weight car oil (5w-30 or 0 weight), but what ever you use clean the barrel really well afterwards. I would also agree with the stoning/polishing out as well, but takes a lot of time. Best of luck and post some before and after pics if you would when you are done.
I used to be in the machining business before the military and did all my own gunsmith work on my free time at work and they only charged me for the weight of the finished piece of stock (man the stuff I made with some of the horizontal CNC macines, lathes and lazer cutters and then had it blasted/polished and powdercoated and baked!!). Now I have my gunsmith do all the machining. Just had a target crown put on a Remington 700 PSS in 7mm Rem Mag and he only charged me 20 bucks. That's a lot less than what yuo paid for the cutter, the work into it, the work required to fix it, and possibly the price you will pay to take it to a gunsmith and have it done right. Better to not do any home gunsmitthing unless you have the knowledge and PROPER TOOLS ( in your case a lathe and correct cutter) otherwise 9/10 times you will pay more in the long run and probably have to take it to a smith to get fixed. JUST MY 2 cents..