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As I read the manufacturer site it is a lubricant and
not a surface rust preventative in the context of what
we are looking for.

It would be cleaner than graphite and not plate surfaces
the...

+1 good product.

Always read the vendors data sheets:
http://www.corrosionx.com/msds/corrosionx-data.pdf
CorrosionX

For example:
Rubber: No visible effect on Buna-N, Viton or Neoprene...

+1
Yes what he said...

It does displace water in the pivot and
on the surface of the steel. That can
help especially when followed by a
people safe oil...

This is a topic where a lot of...

WD-40 is good for a week and to prepare for a longer lasting oil
like Camellia, mineral or gun oil. Tuffglide is also good if you can find it.
Gun shops often have good rust prevention products.
...