I use penetrol in restorations as it enhances the original paint and seals the bae metal.
Just a little more info on how and to what extent you clean up Blue, like the base for example, I would emagine just washing and let dry then apply the Penetrol, or do you try and clean off rust as well? I would think if trying to clean off rust you would also remove some original paint that I would be wanting to preserve as much as possible. cheers and yes put up some pics of your one.