I have that model iron and tip, minus the rocking red color, and I rarely tin my tip unless it has gone "dry". A wipe on the sponge is usually enough to shine it up. If it's always turning black, I turn down the temperature. When things are just right, I can use it for hours with barely any attention.
When I'm done I just turn it off and pack it away once it cools. The sponge is small (and glued in place on mine) and should be just damp, not soaked. So I never worry about the moisture.
When I'm done I just turn it off and pack it away once it cools. The sponge is small (and glued in place on mine) and should be just damp, not soaked. So I never worry about the moisture.