griffo from experience with a lanolin spray made in Qld, blue can.
if you keep the part dry then it will keep the part corrosion free.
if the part gets wet or is subject to night time condensation the dew will combine with the lanoline coating and set off rust anyway.
if you have bare metal parts that need to be corrosion protected I find that spraying them with a lanolin based spray and then putting them in ziplock plastic bags or those plastic boxes with sealing lids to exclude condensation then they will stay corrosion free for years.
if they need to be out in the atmosphere nothing beats a good paint.
ymmv.