Lots of good info here. If your rust is only surface rust and no serious pitting, Scotch Brite is good. Personally I like kerosene as a lubricant with the Scotch-Brite, but any petroleum product 3 in one, WD-40, LPS, ect. will do. Start with the maroon colored Scotch-Brite, if it does not seem to be aggressive enough there is a coarser grade that is gray I think. After removing the rust ditto on the Boeshield. It was developed by Boeing Aircraft for preventing rust. After the Boeshield, you might use a little Renaissance Wax as insurance. I would stay away from the Bar Keepers Friend--- what caused the rust in the first place? ----Moisture. Good luck and I hope you get the lathe restored.
Ben