White vinegar isn't much good for rust removal. The Acetic acid attacks the base metal as well as the rust so you don't want to leave it in. DO NOT follow any advice to add salt as that will dissociate in an acid to produce some hydrochloric acid which will attack the metal and also leave it contaminated with chloride ions, resulting in more rust sooner! Either use a commercial rust remover (not a rust converter), electrolytic derusting or soak in feed store molasses.
After derusting and cleaning, a phosphoric acid dip would be a good idea as that will leave a protective coat of iron phosphate, followed by thorough washing with boiling water and hot air drying. After that, its all in the oil or wax you use, as the surface will be micro-porous due to the removed rust and vulnerable to flash rusting.
I would suggest thinned Penetrol paint conditioner (Owatrol in many countries outside Australia).
http://www.floodaustralia.net/brochures_guides/pdf_files/Penetrol-brochure.pdf Use cellulose thinners or similar as you want it to flash off and leave a minimal thin film coating, which should be let air dry with the bits spread out on a sheet of clear plastic, turning occasionally.
For larger tools, cleaning/derusting and wiping with neat Owatrol/Penatrol is effective.