Any regularly used spanners, mill/ lathe tools, etc. go in drawers and boxes. With an occasional, wintertime fuff of WD40.
Any other tooling. All chucks, MT/ R8 tooling, mill vices, angle plates, magnetic bases with clocks. Go into Tesco zipped sandwich bags. With a fuff of WD40.
The mini lathe is draped in 1/2 a shower curtain. After a fuff of WD40.
The mini mill is covered by a wheelie bin liner. After a fuff of WD40.
No rusting, after some 11 years.
I like WD40. It's cheap, and it works.......