As to storage, my experience is with cast iron. They make beefy nylon bags for cast iron that keeps the dust off, lets air flow and such. I usually store them upside down so the cooking surface remains dust free. Also, you don't store with lid on as the rancidity is worse if air can't move. Sounds counter-intuitive as air is part of what promotes rancidity.
I don't think that packing it away in a vacuum bag would be good as the plastic and oil would probably stick in bad ways. But the various plastic storage totes would be reasonable I think. I have a lot of my bulky, rarely used, and holiday items in my basement in such totes. My bagged cast iron is there too, but I live in a dry environment so I'm not concerned about humidity, condensation, flooding and such.
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