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Interesting.. Looks like it comes out kinda black, that's nice. I hadn't heard of it but is that what Mone does on most of his bikes? https://www.instagram.com/p/CKmEgBFlUFP/
You could look into Bluing as another option. Cold bluing or Rust bluing. It's what is used on Guns and a lot of machine shop tooling.
It offers a mild corrosion protection but you can also oil the steel afterwards for better corrosion resistance and the steel should absorb some of the oil so I don't think it would feel oily.
However colour paint or powder is the only true viable rust proof treatment