I think either would be fine. Personally, I would Evoprust and maybe do a light wire wheel if there is any deep rusting. Other than that, just oil it up.
Wabo, fantastic find! What a piece of tool art. Looks great oiled and clean. Great scale photo with the can of Verde Green from the Wilton, better than a can of Coke. Can you get more light on it to show detail? Painted ones are easier to see but, I wouldn’t paint that, no way. 1912 yep natural or Japanned.