Basically, don't be timid about the oil, Evapo-Rust, kerosene, or what ever. Be careful of getting any of it on the exterior, but flood the seized up parts and make sure they are soaked.
If you haven't already pull the hand wheel off and float the shaft at the machine with oil too.
As for "painting" on the Evapo-Rust I've tried that with rusted hand wheels. My experience was it just ran off and dried up. For that stuff to work you need to immerse the part and let it soak.