Thanks to all, for sharing your thoughts.
I have some Break-Free CLP and have tried it on the jaws, tool rests and ways. Will see how it does.
Steven, I have the (Klingspor) handblock and will try that on the lathe ways. It would be hard to use on the chuck jaws. The paste wax hasn't worked very well, but I have some Boeshield and will give it a try. If all else fails, I have some Cleanzoil that might work. (It's an oil used for cleaning guns and protecting them from rust.)
Gordon & Bernie, I'm sure the tannins in the wet cherry are the culprit, even though I've never left a workpiece in the chuck longer than the time it takes to turn it or sand it.
The rust mentioned in the original post occurred in just the 15-20 minutes it took to sand the bowl on the lathe - a 1/4" thick cherry bowl that had been drying for several days.
I've found a washcoat or two of one-pound shellac reduces the rusting on the jaws and the dark staining of the tenon. (So I don't have to remove as much of the tenon or bottom to get rid of the black marks.)
Larry, the faceplates have not been an issue, since I mostly use aluminum ones. The saran wrap sounds like a good idea, I keep a roll in the shop (for glueups) and will give it a try.
These were some good responses and will help me think outside the box (i.e. Break Free, Cleanzoil, rust eraser, Boeshield, saran wrap.)
Appreciate it.
Fred