When I refurbish an old metal tool, and metal parts of wooden tools, I normally use a drop of 3-in one on screw threads and bearing points. I will then give them a light coat of baby oil. They are my babies after all. Actually, baby oil is a light mineral, is readily available, and relatively cheap. A wiping afterwards with a dry paper towel leaves enough oil to keep the rust away, keeps oil off of the work, and keeps the tool from being slippery in the hand.
I use paste wax on my wooden tools and paraffin on all of the rubbing surfaces, soles, fences, etc. Canning wax or candles are cheap, convenient, and will last a long, long, time. I have one block of canning wax that I keep at the bench that I have used for two years now and will probably last me another four.