Well vette, you bring up an interesting point. I know of people who have restored numerous British cars and all have said the same thing, "yes I've used Waxoyl once". meaning it does work to reduce rust, but, it is not easy to apply and is a mess to clean up. There are other rust inhibitor's available in spray cans, but may not be as effective. I've used "boiled linseed oil" which I was told is used by the aircraft industry to prevent rust. It's dirt cheap, slightly thinner than waxoyl. Of course it has it's disadvantageous also. It stinks and it,s slow to dry, but it is very effective. I like it, but it is difficult to get where you want it. Whatever you use to apply it will probably have to be thrown away.
Let us know what you use.