Nice bike. I had the same thoughts when I saw the pics. Lots of rust! If the bike must be outside and face the elements, a bit of diligence and alteration can suit its conditions better. Stainless steel cables, and fasteners, aluminum fasteners. Even titanium fasterners are available for chainring bolts. Waterproof marine grease, stainless steel bearing balls.
A good coat of wax for the frame. WD40 as mentioned. Re-using old inner tubes cut into sleeves to slide over areas to keep water out. All will keep it operating well and make maintenance time go smoothly.