Far better to make structural covers – essentially lightweight boxes shaped to fit machine .
If cover is arranged to sit down reasonably well on something like work table or drip tray then apart from the simple protection provided there is a micro climate inside the cover which can easily be heated and / or dehumidified .
With due regard to fire safety a very low power heat source will keep inside of cover warm and dry .
Alternatively a tray of dehumidifying crystals will remove enough water to prevent rust for a long time .
Silica Gel is best known but there are others .
Spontaneous combustion can be a very real hazard in woodworking shops :
Piles of woodshavings or many solvent based wood treatment products left on rags can burst into flame without apparent cause .
Linseed oil is one of the worst and the bottles actually carry a safety warning .
Regards ,
Michael Williams .