Mr. Shirley:
Militec is NOT a rust-preventative at all, nor is it similar to a normal oil. It is purely a lubricant, no more. It is a pretty good lubricant, though.
Someone did a test of the protection offered by various compounds like militec, CLP, etc. by applying them to identical pieces of metal, then baking them in an oven at high temperatures and exposing them to high humidity.
Eezox was the clear winner, with good ol' CLP in second place. I've used Eezox and like it a lot. Best of all, since Eezox is a CLP, you can use it on your firearms too, and IMO, it does an excellent job of cleaning, lubing, and protecting.
I applied Eezox to an expensive sword I have (no, not japanese...don't worry!) and was positively amazed at how it brought out the sheen and beautiful natural finish of the blade and metal.
So, I recommend Eezox. You could also try simple carnauba wax or "renaissance wax" which was developed specifically for blades, I believe.