I presume you kept the original drill press in this thread and cleaned up surface rust with 3M pads or similar. Rust inside a casting is probably nothing the worry about. Many cast iron tools will put a red primer on those surfaces. Otherwise a light oil helps.
I moved to a "hobby" farm when I retired and my heaviest tools went to a barn without climate control. Originally, I used LPS 3 to protect surfaces from rusting. It is pretty good. At the farm, I switched to Kel 132 (Kel is short for Kellogg but has no current relation to the cereal so far as I know). I like it a better but would use either. I also keep things pretty well coated with light oil (10 or 20 SAE, non-detergent). During the dampest months, I run a dehumidifier because the air is hot and humid, and the concrete floor is cooler. I almost never use WD-40 except for cleaning, never for long-term protection or lubrication.