Cosmoline is definitely an excellent long term protectant. I’ve tried to clean more than a few old surplus military rifles that were packed with it to know just how well it preserves and protects. It’s nasty stuff but it certainly works well.One of the best products you can use for your frame is Cosmoline. It is not a product that needs reapplication every year. They still find WWII metal equipment that was covered in cosmoline and after removing it (with difficulty) the parts are like new.
A product that is close to cosmoline is Valugard 160, which is used by some Line X shops that undercoat. Valugard makes a number of different undercoats but that VG 160 is the one you want if you want someone else to do it for you. Cosmoline you can get in rattle cans or for a sprayer. The 360 degree wand is needed for inside the frame.
What are your thoughts on using this on a rusted (from the factory) rear axle?If I was going to protect the bits and bobs of my undercarriage, I’d probably use this once and forget about it.