Ah, I guessed you were a musician, or at least an Eno fan (which often means the same thing), from your very stylin' username.
I'm a part time electronic live music performer too. Welcome to our little clubhouse.What machine is it again? And what other retro tech is straining at the leash on stage with you?
It would also be worth checking the cable from floppy drive to motherboard. Is it seated properly at each end, are there any obvious signs of damage?
WD-40* is best kept far away from the mechanism. This is a degreaser. It might be useful applied sparingly with cotton buds to remove stubborn caked on gunk, but it will in the end leave moving parts with no lubrication, unless you relubricate after it has dried off.
*which, curiously, was the name of one of my old bands.