Goodrich hoist oiling
The Goodrich hoist CMM (component maintenance manual) contains the hoist cable maintenance requirements. This includes washing frequency, procedures and APPROVED products to be used, as Crab mentions use of a pully system (or approved alternate such as the zephyr machine should be used). These instructions specfically state WD40 is used as a "quick cleaning" procedure", correct cleaning is with water, the described lubricating procedure uses oil meeting Mil spec Mil-PRF-23699, which is turbine engine oil such as Mobil Jet 2 or equivelent.
I'd suggest getting hold of the CMM for your particular hoist and check the requirerd procedures.
Zephyr machine is highly recommended but is a very expensive bit of kit!