I've recently acquired an old lathe, with lots of tooling, and
am considering my options for racking the collets, chucks,
and other accessories.

Is there any guidance on what woods, if any, can be safely
kept in contact with precision steel bits, that won't cause
or enhance corrosion? I was considering plywood with
lots of holes, and an oil finish (boiled linseed oil). That
means the glue in the plywood is also a possible issue.

There will be lubricants in contact with these parts, so
oil-resistance of glue in the plywood is another possible
issue.