I see many ibles made with black pipe here but rarely do they mention any coatings to prevent rusting. I also often build with rusty items where I need to cover the rust so it won't rub of on clothes etc. but don't want to lose the beauty of the patina. An architect once told me he used linseed oil to preserve rusted iron outdoors. I tried it but the damned stuff never fully dries! I could use polyurethane but the oxidation will continue underneath and it will eventually flake off. I've tried "rust stabilizers" but they turn the rust black so it loses it's color. I finally got turned on to a product from an old timer in a paint store I would probably never have found on my own.
Step 1: Penetrol
He recommended a product called Penetrol normally used as a paint additive to improve flow and adhesion that also seals and stops rust. It can be used alone as a base coat on bare metal and will fix the rust while preserving the appearance. The finish will be darker than dry rust but similar to rust sprayed with water or oil and can be top coated with a polyurethane for a more durable finish.