After much research and testing, I have found this to work best for rust.
1. Use a scaler and/or wire brush to knock off the bulk of the loose rust. Don't go crazy and remove all the rust, just remove the scale and loose stuff. The next step requires rust to work.
2. Coat the rust with a rust converter you like (I use Corroseal) You can roll it, brush it or spray in from a spray bottle.
3. Put a coat or two of Cosomoline RP-342 after the rust converter has cured. (I prefer the black version because it looks nice.) This comes in rattle cans and applies very easily. Just be sure to cover your brake rotors/calipers because the coating is petroleum and wax based. This stuff holds up very well to dirt roads that can cause chipping in paint finishes from gravel being kicked up from your tires.
I have found the above process to be quick and easy and it has held up extremely well.
Every 2 to 3 years I will touch up the Cosmoline if necessary. Mostly touch up is needed because I have wiped the Cosmoline off for performing maintenance. For example, I might wipe it off the rear diff fill and drain bolts because I changed the fluid.
Every couple of years I will spray fluid film in the door panels and in the body cavities to prevent rusting.
Good luck and cool rig!
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2001 E-350 V10 EB50 Penthouse
4.56 gears w/ARB Rear Locker
4X4 Quigley
Agile RIP
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