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Acetone is good for cleaning metal parts but don't get it on plastic.
WD40 is great for what is was designed for. However, as mentioned in several threads, it is probably the oldest product still on the market. There are several newer products that will penetrate rusty metal better but none that I would trust to spray in my distributor cap when I get flooded out, lol. I had to do this once and it really works.
I was just responding to the query about the additional ingredient that is added to ATF. Some folks use Mineral Spirits, others use Acetone. "Ed's Red" is a combination thereof.