The problem with any light abrasive is it will not necessarily remove all the rust, as it tends to skate over any pits in the surface. Fine for very light surface corrosion. If you have any worse than that then you really need to use a chemical. I tend to use either Phosphoric or Citric acid. You need to clean the surface thoroughly with alcohol or acetone to remove any grease or oil. Beware that acetone will also likely remove paint, so alcohol if it's painted. Then brush on your acid, or you can soak a piece of kitchen roll or similar and lay that on the surface, good for awkward shapes or to stop it dropping into things you don't want it on. This will remove every trace of rust. Clean the acid from the surface using alcohol again, then you can use your pads to put a final finish on it. Lubricate them with a light oil, I personally use diesel and a green pad. What you treat it with afterwards depends on the conditions in your shop, ie is it damp, and what you intend to use it for. Wax or light oil is good. I would avoid anything containing silicon, and beware of the likes of WD40 as the solvent in it evaporates over time and leaves behind a hard residue. My stuff is mostly metalworking so I tend to just wipe surfaces over with way oil. For woodworking machines you don't probably want anything wet. I have used good quality traditional wax car polish and it works well. For protecting the other bare metal parts, ACF50 or Waxoyl are good. They both dry sufficiently to not attract too much muck, but keep a sort of waxy consistency to protect the surfaces, although ACF takes several days to dry in my experience. I use both products to protect the underside of cars from corrosion and they work very well. You can also buy spray on wax coatings for preserving tools, I am sure I have a tin of stuff made by Rocol? Somewhere.