Well your spouse must really love you to let you spray WD40 in the kitchen.
Your method can't be denied, it sure is quick.
I would venture a guess that sticking the bottle in a
bucket with water would loosen the label with time, it works to loosen a bunch of grunge.
As for adhesives left behind afterwards, maybe rubbing alcohol and your steel wool. *Note: Do not use steel wool to clean a filthy microwave,
my wife did that and then put a cup of water in to try it out, BIG ol' fireball. Who knew steel wool leaves a residue?
http://tinyurl.com/wine-label-removing
I bet some of those labels would look neat in a picture frame.