On Thursday, October 12, 2017 at 2:29:44 PM UTC-4, Greg Guarino wrote:
The drill press is now less rusty than it was and acceptable for use. Is
there something we could apply to lubricate the column and keep it from
rusting again? Paste wax maybe?

ok, If you search this board, I had some great replies to the same question on my table saw's surface. For my purposes, I have had luck in the past with paste wax, but it was no longer working in a new shop.

If you try that route, I'd think that the wax would also help to lubricate the gears on your column-- it's not exactly a substitute for grease, but you could do worse, too.

I tried the TopKote (which now has a new name: GLIDE COTE) and I like it, but you need to re-apply, pretty often.

On the other hand, the "Krud Kutter: the Must for rust" I mentioned is also an inhibitor-- I used this one on my cast iron band saw table, and it looks like the day I put it on. No issues with need to re-coat or breakdown whatsoever.

unless you find another way to lubricate your cogs, (preferably not WD 40, 'cause that'll break down any of the previously mentioned finishes), I'd try the paste first in your situation.