Spray it with clear. Oil is a dust magnet.May I suggest that you oil it up before hanging to prevent it from turning to a red oxide finish..
lg
no neat sig line
Drill the hole and insert a dowel rod. Problem solved.I like the idea to spray it with clear. I may take it to work and get it warmed up to room temp wipe it down with thinner and spray it with clear. I have some plastic 1/4" dia tube to put ovet some heavy wood screws to keep it from being against metal. i hope this will prevent any rusting over time.
I'll see your 2-1/4" and raise you a 2-7/16" Williams USABob, great find, good looking wrench
I'll raise you 2 1/4 !