My shop is mostly unheated, have a 30K BTU propane heater that heats up my 32' x 40' shop about 30 F above ambient in 45 minutes but only run it in a pinch. I have 2 ceiling fans that turn 24/7/365 as mentioned above, keep the air moving. I spray down most iron with LPS1 as I picked up over 5 gallons of it at an auction years ago. LPS3 would work better, but I'm pretty rust free with just air movement and LPS1.
I also have a plastic Folgers can with way oil and a paint brush. Really slather it on the lathe beds, chucks, compound, etc. and mill tables. I use Johnson's paste wax on my cast iron table saw. I always dread spring when the cold mornings give me a wet floor in the shop from condensation, but knock on wood, tools are rust free.
Bruce