Since the finish appearance on many of my tools is unimportant as long as function is not impaired and since my basement is indeed a damp (and cold) one, long ago I began treating steel stuff prone to rust with Jasco. A phosporic acid maganese dip for metal prep, grey in color usually. Then when the dip is dry, I oil the tool with an oily rag. So far (20 years for some of the screw drivers, taps and the ilk) so good. It destroys the bluing on firearms so keep it away from them. A WW2 memorial museum down South went under water during Hurricane Katrina. What they found out (the hard way) a few weeks later was the steel that had been lightly coated with wax (the real kind, not the spray bottle stuff) survived virtually without injury. The steel that had been oiled down rusted. I suppose that if I was going to drawer queen some bits and end mills I might dip them in melted beeswax and that should keep them safe for my great grandchildren to find and sell as estate antiques. Of course right now I don't have much in the way of spare bits needing such preservation methodology. Regarding mill and lathe beds, I am not sure. I am noticing discoloration beginning to creep onto the bed of my mill at the edges even though I always wipe it down with an oily rag. I may try Jasco on it but right now it is just a faint discoloration.