spraying PB on the terminals of itself would not stop it from starting.
Also the solvents in pb do evaporate in a short time so they do not pos a long term issue,the balance is just oil. so it would actually be fine to help remove corrosion from the metal parts your working on, its not an acid and it will not attack metals. ,the only thing to keep it off of or not over use it on, is rubber or plastic items.
you should just get new parts if they had any amount of corrosion on them that you need to use a dremal to remove!., cap,rotor and wires are not expensive.