The first time I got some rust on my table, I used synthetic steel wool and mineral spirits to remove it. I tried to follow the patina to avoid unsighty scratches.
Then I covered the top with TopCote. This stuff is really good in protecting the exposed metal and lasts a good while. It also leaves the surface nice and slick.
I would pass on the WD40 as it will get on your wood. Also avoid stuff that contains silicone as that will wreak havoc on your finishes.
Some people like to use paste wax. It also works, but I prefer the TopCote. Once again if you use wax, do not use automotive products as they may contain silicone. Stick to Johnson's Paste Wax or similar.
Hope this helps.
Dave
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