The ways should have a nice film of way oil to be properly lubricated. I would find it kind of messy to coat a whole machine though. We use this stuff to protect the other important stuff like the table and spindles and so on. For example, use it between the table and a vice that will be set-up for a extended time.
http://www.slideproducts.com/rust.htm
We make use of No-Rust for our machine tables and prepping tools/molds for shipment.
25,500 lbs. of bumper mold being modified, the machine table can take 40,000
david 89 turbo cab