Calling all steel/metal/ tool craftsmen, farmers...Seeking advice on restoring old school, rusted tools

I use silver spray paint on a rag, when I want just improve the look without the obvious and tacky look of silver spray paint. (Sometimes that hillbilly chrome looks pretty good, though. It depends.)

Black, silver and double cover white are my go-to's.

For wood, use a fine grain rag and varnish or poly. The thin coat is a better fit than brushing on varnish. Satin looks better than gloss because you see into the wood rather than seeing a shiny reflection.

The use of a rag is called a 'dap'. You put something in the rag and make a mushroom shape to do it old school, but a rag works fine if you tuck the edges away.