I like Mikey's idea of using WD40 to prevent the axles from getting stuck, but agree with Rick that soaking the bearing with it could wash out the grease and shorten the bearing life. Instead of spraying the bearing area I would spray the axle itself. That way you get a film of WD between the axle and the bore it runs in without the danger of soaking the bearing.
Back in the late 70's I worked in a shop and was responsible for maintaining the tools and machinery, including a big old steam cleaner. The boiler feed pump used an exposed cam and crankshaft run at low speed. Chug, chug, chug.... each time injecting water into the boiler. The crank used a typical sealed radial ball bearing like we are talking about, although it was larger in diameter, maybe 2" OD. It had run for almost a year, the whole time I had been there, without issues. One day the bearing failed and I replaced it. A week later it failed again. Another week, and if failed yet again. I replaced that stupid bearing 5 or 6 times until I figured out the issue. After the first failure, the machine operator decided that it needed to be "lubed" each day, so every morning before he started the machine up he would squirt WD40 at the bearing. Good grief. After I confiscated his can of WD the failures stopped.
Bearings depend on a "wedge" of lubricant between the contact surfaces (think surfer riding a wave or a car hydroplaning over a flooded road). At low speeds it takes a very thick lubricant, such as grease, to maintain this wedge. As the speeds increase the lubricant can be thinner (oil) to maintain the wedge, and is used because the grease would run too hot at those speeds. But many greased bearings are good to over 20,000 rpm, and when the speeds increase to the point that oil is used it's still way thicker than WD40. At the low speeds we are talking about here, WD40 is way too thin to maintain the wedge inside the bearing. You have metal-to-metal contact, and the bearing won't last as long as it should.
It may be fine for cycle chains, but for sealed ball bearings, not so much.