Front fender this time.. Before/after/polished, and inside the fender before and after.
I am involves in serious military firearms collections and restoration.
Your strategy is correct, albeit not highly evolved.
Canned waxes contain darn little REAL Carnauba wax (Very expensive) and the waxes IN these canned and bottled waxes are paraffins (or silicones which AREN'T waxes) and a dash of carnauba so they can SAY it is IN there.
A pure carnauba wax needs good prep-work, is hard to apply and buff off, but is is very weather-hardy and not need to be reapplied.
These canned waxes enjoy the benefits from the genius who wrote the first labels for a shampoo product. Apply , scrub, rinse,
"REPEAT" !
I use Ballistol with the steel wool, let it stand wet with a thin coating overnight, wipe, and the thin film that remains will prevent corrosion for a looong time.
All the tools in my Truck Toolbox were treated with Ballsitol this way (cheap Harbour Freight Chinese tools that needed a steel wool ballistol treatment right after they were put in the truck.
4 hurricanes hit the area, the tools remained under 2 " of water for weeks and suffered no corrosion
Another product to use in place of Ballistol (some object to its smell - it IS nasty - like ripe baby diaper-) is CorrosionX which is an aerosol or spray liquid,and accomplishes the same thing.
I also use CorrosionX and then apply their product RejeX which is like an anti-static coating that repels dirt.
Both these products are used on aircraft in The Navy for corrosion prevention and prevent soot from Jet Fuel; exhaust form messing up the fuselage skins of the planes.
Either of these products can be used for de-rusting sheet metal and tubular or stamped steel and will leave an anti-rust film
Furthermore for quick and dirty DE-rusting where you want to apply an anti-rust product afterward, merely using the 0000 steel wool with kerosene will work well too.
Yodar