one of my friends was a commercial shotblaster and I used to get my old stationary engine parts ,ie some steel (fuel tanks) and a lot of cast iron,blasted, when blasted I took the parts home and and painted immediately with a thinned down coat of red oxide and when dry a thicker normal coat,the friends work was mainly for commercial vehicles ie water pumps,steering boxes and these ere just sprayed matt black as corrosion protection was not really required as English lorries threw out enough oil to stop rusting. The thin coat ensured that any pits were coated and the thick coat gave corrosion protection. With bright loco parts why not store them in the airing cupboard and paint them indoors, utility room is ideal as the floor covering is tiles so there is very little dust,I once got the engine bed of a 7 Hp cCossley into our hallway,it sat on a sheet of hardboard over the carpet but this is not ideal as dust from the carpet rises as you move around painting and ruins the paint finish, I also keep the the high tension magnetos in the airing cupboard,one spare has been there over 40 years,I have tolerant wife as she also buys her own engines though i get the job of restoring them.