Dand: I would not trade the rifle. It is still stock - all you did was touch up the stock, you did not say youhad replaced anything. Leave it for your son, he will be big enough some day to shoulder his grand-dad's old rifle and he will be proud of it as well. As for the stock - yep, they can get very wet where you are but if the stock has not warped out of shape then you can keep it and protect it.
You can strip it and recover it with a poly stain or a tung oil, which is almost a varnish and pretty weather resistant. I would also use a tung oil on the inside of the stock or cover any raw wood with a thin coat of bedding (I would bed the action too as that will help prevent water damage and warpage in the action areas). As for protecting the metal - use a good hard auto paste wax, lay it on and buff it off. You can also use some of the newer polymer waxes as they protect very well.
As for your old 94 - I would do the same - use a good tung oil on the stock, inside and out, and coat the metal well with paste wax. You said it was rusting up badly but you did not say it was pitted and if it is not, then the paste wax should help keep it from rusting. Make certain though that you remove the stock and check the underside of the barrel and the mag tube and use the wax there as well.
I am willing to bet that in another couple of years that old 06 will fit your son just right.
As for a stock for the older 06 - I have a pre-war, pre-64 M70 and have had a terrible time finding a factory replacement stock - the last time I ordered one for that rifle they sent me a M70 stock for the wrong vintage, so I am having my gunsmith cut down the massive bench stock that I got with the rifle into a sporter configuration similar to what the original looked like (it only took me almost 2 yrs to get the wrong stock for it, so I think I can wait a bit more to have one fit that fits).....