RE: Coming soon, the next project... here's a teaser. :)
+1 on the Corrosion X. I too had badly rusted shafts on one of my vehicles, and the Corrosion X, along with some steel wool fixed the problem. The sprayed areas will be shielded from future rusting too.
Speed X is also a good thing to try for lubrication, if you need it. It has a little more anti-wear and lubricating properties than the regular Corrosion X.