I have a number of well used steel bikes going back as far as 1932.
Rust is not a problem if you do the most basic of maintenance.
As Ben Cooper says – make sure there’s a hole in the bottom of the BB shell, and drill one if need be. I do a further refinement – I put a dob of grease there to seal it. If any water accumulates, it will give way and let it out, but it’s not really necessary. I only do it to stop sand getting in.
A squirt of a water dispersant inside the vent holes may give you some reassurance, I use an aerosol chainlube if I have it handy. Otherwise a drop of oil.