I had a damp issue in a former shop and found that isolation was the best rust preventive -- the tools that were inside drawers or other containers didn't rust, many of the others did, including most of the steel parts on my machines. Oddly, the cast iron surfaces, which I'd never waxed or oiled, fared the best in those conditions. If I had to do it again, though, I'd definitely coat every exposed surface with something, anything, whether wax or oil or Boeshield, or whatever.