There are two add on items I would highly recommend to go w/ the hi-lift. Can't remember the names right now but should be easy to find.
1) The soft rubber like " handle holder " that slides over the handle and the main shaft at the same time. Makes carrying, etc. easy. Costs approx $16 ?
2) Very nice alloy multi use adapter that slides on the " loose " end of the jack shaft. Allows quick hook up to chain, shackles, etc. Expensive.
Forget using wd 40. Get a tube of some marine grade grease and put on all friction parts in the mechanism with your fingers. If you do that, you won't have to worry about other rust. These things last for decades with minimal proper care. Rebuild kit approx $12 at TSC or Northern. Caution, they grow " wings " if left loose in truck bed.