Scion - XB :: 2006 - ABS Along With TRAC And VSC Lights Came On

I have recently purchased a low mileage 2006 Scion XB and have had to have a faulty front ABS senor replaced at a local repair shop. The mechanic used a "genuine Toyota" replacement sensor. After a couple of miles my ABS light along with the TRAC and VSC lights came on. He reset the computer and they came on almost immediately. His computer read faulty ABS sensor, he said that he checked the new sensor and it worked. He sent me to Toyota, who also diagnosed it as faulty sensor and when they checked the sensor it was fine.

They said the problem was rust, cleaned the sensor and hub and everything was fine for about 50 miles, then the lights came on again. The service manager said that if the problem came back that they would have to replace the front hub. Can I again clean the sensor and hub myself? I have a bead blaster would that likely clean it enough? Would coating the cleaned metal with something like a really light oil (like WD 40) to stop the rusting? And lastly, if I am successful in cleaning it all does the computer need to be reset or will it reset itself? I have some skills, have done brakes, replaced engines and stuff like that.