It's no different to any other mineral oil.
You just have to degrease it properly which is normal anyway.
A lathe should be oily anyway, ignoring that before painting *anything* you should clean and degrease it I can't see using some WD40 to clean it making it any different from "normal" lathe oiliness.

) 3ph 2hp 1.5kw motor.

then 58mm pulley should get you about there.