I love these old relics as i have a few no matter what you do in a couple monthes you will have a small pile of debris under it the cancer will not stop. Oil or electro will not stop it but it will slow it down at this point all you can do is keep it in an normal household temp out of high moisture exp laundry room.. Good luck ERIC-Z
You need to find a rust inhibitor that will not change the colour but will stop the rust and make the rust hard again, auto stores have these but you need to do a test on something as rusty to check for colour change
Mate the best thing I got for my relic was a spray on fish oil which sets hard but does not change the colour or appearance. You spray it on and it draws out any reaming moisture and then sets and stabilizes it. I then hit it with a Matt clear varnish and it is solid as, with no shedding
Doesn't it stink like all hell with the fish oil? I tried that stuff years ago with some car body rust repair and I couldn't stand the stench.