I think it's a bad idea.
I can tell you, though, that I use lighter fluid on my saxophone pads all time. Naphtha does a good job of cleaning off the residue and gunk that makes pads stick, and it doesn't harm them one bit, and it actually helps keep them soft. It's a trick saxophone players have been using for generations. But of course, the pads are made out of leather and felt - nothing at all similar to foam or rubber.