I made a spacer out of wood that is the same height as the base of my tool rest. I embedded a couple of rare earth magnets to hold it down to the ways. Then I lay a piece of hardboard across the spacer and the base of the tool rest and lay down a flour sack towel on top of it to catch the drips. So far it is working great.
I clean the ways periodically with
Eagle One Nevr-Dull All Metal Wadding Polish.
As someone has already stated, I would use Johnson's Paste Wax, but it was discontinued in 2021. It was made from Carnauba wax, paraffin, and microcrystalline wax thinned down with Stoddard solvent and a small amount of castor oil as an emulsifier. Since it is no longer available I have been using a thin coat of
Trewax Clear Paste Wax furniture polish to both lubricate it and to protect it.
Trewax is made by Beaumont Products, Inc. and is also made from Carnauba wax, candelilla wax, Polyethylene wax, and microcrystalline wax thinned down with a petroleum distillate -- very similar components as were used in Johnson's. I've also read that Minwax Paste Wax, Briwax, and something called Collinite 476S or Collinite Insulator Wax are also good alternatives.
And finally, I highly recommend avoiding any products that contain silicones as silicone migrates very easily and since very few things stick to it, it can significantly affect finishing products like CA, polyurethane, linseed oil, and most everything else.
- Dave