Is this for long-term storage or do you want ready access to the cutters for use? For the latter, you don’t want the melt-on stuff.
Polythene tube sleeves can be used to protect the cutting edges; lubricating-oil or grease inc. petroleum jelly (‘Vaseline’), or lanolin, will protect the steel from rusting.
Wipe the shank clean before fitting it in the collet – for a screwed-shank cutter ensure the protective has not also stuck dirt into the thread.