T-9 will do it too
You can use T-9 to accomplish the task too. Spray T-9 and it will coat it with a waxy coating that will last forever.T-9 is a spray waxy lube/coating developed by Boeing for airplane parts. It also repels water and moisture. Spray it on tools very very lightly will prevent rust. Spray it on heavy will coat it with waxy like coating and will last a long time, especially since there are no moving parts. I use it because it will also go into seams and cracks too, like the space between the nut and the keel bolt. West Marine carries it.Great stuff.