You could CC but it doesn't tend to adhere to bare metal that well and normally requires some sort of "etch" base coat... it would also give you a deep high gloss finish which may not be what you desire.
Easiest way to protect is to have some sort of silicon/oil barrier between the metal and any moisture... wax will certainly do the trick. Apply and buff off.
A wipe with WD40 is also a method but the main component in this is fish oil and you can buy a whole tin of fish oil from the hardware store which will protect against rust
