I have used Boeshield T-9 for several years and it seams to work fairly well to prevent or limit rust. It is easer than and does a better job than paste wax but considerably more expensive.
If you paste wax, do not buff it and leave the haze on it does a better job of protection, until you want to use it.
For many years when my table saw was in an unheated attached garage i used a good automotive paste wax and never had a problem with the silicone*, it worked where a standard paste wax did not. But I have bowed to you all and do not use automotive wax and my current shop is heated.
Spray lacquer works on tools with no or very low use, again from the unheated garage experience, and is fairly easy to get off.
I use a small electric unit heater to keep my very well insulated freestanding shop 24' x 28' fairly warm (60 ish) in the cold and cooler months never letting the shop get to cold, the bill is about $60-80 a month. We have a slightly higher than average electric rates and it does get cold here most winters it will get below zero a few times.
Do Not Use an unvented gas (or other fuels) it will add to the consolidation problem in an insulated and sealed shop I found that out the hard way.
How well insulated is your shop and how well is it sealed? Insulation and sealing is cheaper than heat.
*Do not want to get off on that discussion!