Just dust the toy toys, I think putting wax on them is not a good service and rust does not clean off.
If the toys need cleaning, the best way is with plain soap and water. Just pat them dry or put them in a warm spot, like the kitchen. It you make sure the toy is dry before putting it away, it's not going to rust. Rust takes a long time to occur! If the toy is greasy, try using a little bit of WD-40.