Wood Mag actually did a controlled test of a couple of dozen rust prevention methods....Boeshield T-9 worked best as a rust inhibitor. Paste wax doesn't contain a rust inhibitor, but it will slow rust indirectly by protecting the metal from moisture to some extent.
The best results I've gotten come from a light coat of T-9 topped by a coat or two of paste wax. To ensure that the T-9 makes good contact with the metal surface, I'd strip the paste wax with mineral spirits. Dry the surface well, apply a light coat of T-9, wipe off the excess (important...it'll be sticky if it's too heavy), let it dry well, buff it out, then apply one or two coats of paste wax. I strip it and reapply every spring, and have had very few signs of rust in an unheated, uninsulated garage in western NY.....YMMV.