I really hate RUST
I just dismantled, derusted (evapo-rust) and coated (with LPS-3) a very nice Delta Pro Jointer - a craigslist find. It has never been used (10 years old...) , but was getting a surface rust in places it shouldn't... I'll wipe if down before use (a few months...) and use a lacquer based product for the fence and table surfaces, but for now... it's "embalmed"..
A product I really like for "preservation" is Boeing T-9. Slightly harder to find, but it's available in more and more places.