"......Is the oil approach OK or is there a better way of neutralising the rust?"
Bruce, after cleaning away the rust. Try BOESHIELD T-9. It was developed by Boeing for aircraft. It's a blend of solvents, lubes and waxes. It works as a sealant and is great as a chain lube. Probably available in motor cycle or bicycle shops on the other side of the pond. Scott in St. Paul, not related in anyway to Boeing, or the US industrial military complex.
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