WD40 is only partly a lubricant; it also contains a heap of additives which clean and free up seized joints. Great for an old and rusty bike chain, but it ceases to act as a lubricant fairly early. I use it for my bike chain, I spray per wek, else it dries.
3 in One should be OK, but the formula also includes some solvents, at least in Oz it does. I've used it, but prefer the straight sewing machine oil. Anyway, if you clean and oil once a year you'll be fine with 3 in One. Don't know your turntable, though, check what the manufacturer says.
By the way, if the noise is coming from the bearing, you need to get onto it quick, so use the 3 in One and change if you find out it isn't the best solution. A dry bearing will quickly kill your turntable.