Might want to remember that you get TWO sidebands and that a square wave is a comb of odd harmonics.
That upconverting mixer will produce 40GHz +- (10M,30M,50M,70M) plus some (significant) 40GHz leakage, not a clean 40.01GHz. Good luck filtering 40.01GHz from all the other products.
Also consider what the phase noise on a 40GHz osc usually looks like at 10MHz offset.
Have you actually done much work in the high microwave bands?
That stuff is not simple, every line is lossy, every passive an inductor (Except inductors which are capacitors) every transition reflective and every trace a waveguide (possibly also a filter, they often have weird propagation modes up there), hard soldered brass waveguide is your friend up there.
Besides, time domain at 40GHz, really?
Anything up there looks like a sine wave simply because for it to be anything else it needs to have harmonics, and most microwave doings are just not that wide. Now if you were building a receiver, that would be different, but usually instruments for use up there work in the frequency domain or mix down to near DC for modulation domain analysis.