I use Boeshield T-9 for steel woodworking tools and things I don't want to rust out in the shed. Easy to renew. Will need reapplication over time.
Not saying it is the prefect solution, but I only needed to recoat my tablesaw top 1-2 times/year. (And it is subject to friction). Other woodworkers swear by CRC 3-36, but I don't know if it dries or remains oil like.
Jonson's paste wax is another woodworker solution. Apply/let it dry, the buff it out.
With any of these solutions you can eventually still get some rust, sand it off with fine sandpaper, and recoat.