MayerMR which would you recommend? I was wondering what to do to keep the shiny parts shiny. I will grease the screw and shaft once I'm done painting.
Both work well, but I prefer BLO. Real light coat on all the shiny parts - you can work it in with your fingers (washes off easily). Lighter is better than heavy - it'll dry faster (a day or so) and then you can do another coat if you wish (I generally don't find it to be needed). It won't last forever, but it lasts a long time.
Paste wax is good too, but I use it mainly for cast iron tables on table saws, band saws, and the like. You can polish it nice and shiny and it doesn't transfer when you slide wood over it. I like it, but it needs to be done every few months as well.