WD40, CRC 3-36, DuPont chain wax, several industrial wax based rust inhibitors, Alox bullet lube (navy WWII RP) - tried all of these for rust prevention on lathe beds. Not storage - all but wd40 will do long term storage RP(Alox is best). Not cleaning rust/corrosion - with a scotchbrite pad they all do that, and so does ms and naptha.
Rather, the application is while turning wet wood. I try to keep the wet shavings off the bed but along edges of TS, HS, banjo sometimes, a line of wet chips remain, or I take a break or called away and wet chips get left. For me, no oily residue that collects dust is allowed - been there done that. Must leave a dry slick surface. At the end of trying all these, good ole paste wax does all around better than any of them for me. It is as good at prevention as any of them, and when the whole process is analyzed, it works best for me. This includes application time/ease, cost, availability, smell, etc. Use a little ms or naptha on the surface, some wax on the scotchbrite pad, and scrub down corrosion, , wipe off, apply a light film of wax with a towel with naptha on it, dry a few minutes, lite buff with towel. A stainless bed works better but Im not sure when that might happen.