Conservation means first and foremost "do no damage."
No cleaning or de-rusting would be the best choice (I.M.H.O.)
If you want to handle it or look at it just lightly oil it with a thin mineral oil. (NOT "spawn of satan" WD40!)
Long-term storage then do what the military did, cosmoline or wax-based coating. (Inspected occasionally.)
The military instruction for bayonet preservation :
The protective covering (HS5773) was a Lanolin / Coal tar mixture as detailed below :
Mine are not the best, but they are not too bad. I can think of lots of Enfields I'd rather have but instead of constantly striving for more, sometimes it's good to be satisfied with what one has...