First and foremost, you need to remove every trace of rust. Use steel wool and penetrating oil- wd-40 WD-40 works good for this, or you can use a rust/blueing remover. If you don't get rid of all of the rust, it will continue to rust.
Second: ditch the Break-free. Some people swear by it, I swear at it. Its good for military rifles where everything is anodized or parkerized, but not so good on blued guns. I tested several protectants on some nails that I pounded into a board and left outside- Breakfree was one of the worst protectants, Birchwood Casey Sheath was one of the best.
I would also put a light coat of RIG grease on the exposed metal. You can put this on in a very finefilm and it is a very good (if not one of the very best)protectant. Don't put this stuff in the bore or chamber though- its a grease.
The finish on these new 700's are just not what they were 5 years ago, IMHO.
No kidding. Talk about putting cheapo finishes on guns. If it makes you feel better, I had an early run Rem 597 that wouldn't stop rusting even though it was never exposed to rain or salt- the cheap krylon spray paint looking factory finish on top of roughly finished metal parts was just terrible[:'(]This rifle rusted nonstop even though it was kept in a cabinet with 100+ year old blued military rifles that never had a spec of rust on them.