I sprayed oil inside box sections. Because I didn't have pro spray equipment, I thinned the oil with kerosene or (latterly, as kerosene became harder to find due to the intervention of the Revenue Men) diesel. Thinning with white spirit (as used for Waxoyl) would probably allow higher cumulative oil loadings since the thinner would evaporate, but I havn't tried that.
I wouldn't use old oil 'cos its poisonous and a little clean oil goes a long way.
If you want something stickier/more wash-off resistant, sunflower oil is pretty good, but it eventually skins hard, which you probably don't want inside box sections. A 50-50 mix of mineral/sunflower oil seems to skin very slowly but I only tried it a couple of years ago and I'd guess it might set eventually.
I havn't evaluated many other veg oils, but soya grows mould.
For surface rust treatment, tightly rolled beercan in a drill chuck, lightly lubricated with sunflower oil, gets aluminium very intimately involved with the metal surface and seems to last pretty well.
I've used Waxoyl and I thought it sucked, because it was a pain to apply (sprayer clogs) and didn't seem very effective thereafter, because it skins quickly and rust continues under the skin.
Dinitrol is probably better but I havn't used it.
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