The spikes are for working big stuck knots loose. You often see them on Brit and canadian militay folders from the last part of the 19th and first part of the 20th century.

A good quality penetrating oil like "Move it" will work better than WD 40 which really is not good for much other than cleaning things and sucking out water.

What you do is squirt a bunch of oil into the pivot ,wrap it in a paper towel and work it back and forth. The oil should come out on to the towel bringing a bit of gunk with it. Keep doing that until it won't get any more gunk out. Soak it and repeat.

Actually this works well with any gunked up folder.

You should also get a plastic or even a brass brush to clean with. The brass is good because it is abrasive but not hard enough to hurt the steel. Get right in there. Fill the whole [censored] thing up with oil and try to get the bristles moving around in all the crevices.

You may have to take it apart but that should be a last resort after you have tried everything else. If you do have to take it apart you should find someone who really knows old folders. The Bernard Levine page at BF might be able to help.