We have used ATF in the shop for many, many years as a general rust preventative and light lubricant to protect ways on lathes and milling machines. I mix 2/3 ATF and 1/3 Kerosene or Mineral Spirits, this mix flows well in a spray bottle. At the end of each day we spray the ways with the mixture.

ATF has excellent anti rust additives and extreme pressure additives. The shop is 2 miles from salt water, ways are still bright after over 20 years in the same location!

Don't forget Marvel Mystery Oil!