it will only be the top few layers that have rust probably, just remove them, I did see something where someone used a bulldog clamp and piece of scourerer or similar on the wire between spool and feed rollers
Wire is usually copper coated to avoid rust. should only be the top layers.
If its a large roll where the rust has gone deeper, you could dunk the whole roll in hot citric acid, dry it off well and bake it in oven at 80-100c until it is fully dry, but dont melt the roll!
What I have seen some people do is clip a small piece of scotchbrite round the wire before it enters the drive rollers to capture any rust dust before it enters the liner.
Using any type of lubricant on dirty wire would not be wise as the wet rust dust will clog up the liner much more quickly than dry dust would and can't be blown out with compressed air.
As the Vark says, snake oil.
I use the scotchbrite method held on with a small spring clip. Just as a precaution really as my wire is clean, I always use EWM or Lincoln wire and this remains rust free even in an unheated garage. For the amount of welding most hobby welder do I think it is a waste of time looking for cheap wire the usually of questionable quality.
was using an orbital pipe welding rig
a few years ago and we were having all sorts of wire feed problems, the conduit was only about 18 inches long and kept our hand on it to feel any hestitation , you could see the copper coat emerging from the tip it built up in the tip and eventualy caused a restriction and the resulting stuttering
it turned out the reels of wire" bohler "which were in steel sealed tins were now thoroughly degreased and had no trace of the graphite drawing compounds that were previously used .
a temp fix by one of the techs was to run the wire thru an earplug treated with a squirt of wd 40 . it worked a treat
they later used that felt pad that clipped over the wire with that snake oil and it worked ok
some graphite powder i dare say would work well
of course if the wire is rusty nothing will make it useable