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@M_V
I have rawed a lot of steel parts and usuallly find that even when lacquered the moisture seeps in and causes a bit of rust.
On cranks and forks on my bmx i have left them unlacquered but occcasionally smear a little grease on them. Just teflon bearing grease. Find this keeps most of the rust away and also allows you to take a scotch pad or such and buff any rust away if you want.
My bmx doesn't get a lot of wet weather use tho so it might not hold up too well if you do ride in the wet a lot.