You already cleaned it and I hope all goes well. Just some imput though as my day job is as an Electronic Tech.
Anytime you mess with refurbing generators/alternators or anything of the sort... It's really important to watch what kind of cleaning/lubrication solution you are using. I can tell you from my learning days, WD-40 is not something you want to be spraying around there!
Point is, you want to be using an alcohol based product... actually, anytime you clean any type of electronic components, it's all you should use. Water based, although can be done, need a long time to dry... probably 48 hours longer then when you think it's dry, and oil based stuff is just a horrible thing.
Rubbing alcohol is good, but best is Denatured Alcohol. It's a bit more expensive, but is pure, contains no water base at all. If not, a can of contact cleaner works great too.
If it does arc, your not in trouble..... Radio Shack or a decent electronic store should have whats called Conform-a-coat. Just spray it on, and give it an hour to dry, and it forms a rubber electrical tight seal. Just watch to only get the exposed surface, as the stuff will stick moving parts together like glue