The dessicant is a good idea, and as long as you bake it like Adam mentioned it'll last for a long long time. Just becareful of it adam, if the bags start getting really dusty, it's because the granules are breaking down.
I've done similar to what you all mentioned, but what i usually do nowdays is just lightly oil and inspect all of them at least once a month.
If i was going to do a long term storage though, I'd go exactly as adam mentioned in his first post.
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