Liberon Machine Wax for larger items, BRIWAX clear wax for most tools, left on not buffed if for storage or lightly buffed for soft sheen. For more agricultural stuff, (hammers, axes, drawknives etc) we phosphate with KURUST after degreasing, wipe off quickly then wax when dry. Gives a nice satin blue black finish which is very durable.
Camellia oil for planes and tools in constant use particularly soles of planes.
We constantly get nice remarks from our customers on how nice the tools look when they get them.
Do NOT store in leather rolls, worst possible stuff for rust.
Inside storage cabinets, drawers etc the best stuff is the small stick on Vapour Phase inhibitor packs from Shield Technology but VERY expensive ( I think it is dearer than plutonium by the kilo!). Our way round this which works very well is to use sardine paste bottles with holes in the lids and fill with old fashioned moth balls.
Our garage workshop is very prone to rust having an open up and over door and we take a lot of care with rust proofing when our stuff is cleaned as nothing is more demoralisingthan having to do it agaain!
Cheers, Martin