Here's a little photo walk of what I did
I bought some rust/paint remover pads from Eastwood and tried it on a spot after I thought I'd busted the rust pretty good with the wire drill head. Turns out some surface rust was creeping under the paint, so I used the Eastwood pads to strip most of it, it was old and a bit bubbled.
I bought the pads here... Poly-X, Paint & RustRemoval Disc 4.5in Cup Style
I recommend at least 2, they get eaten up pretty good, but do a great job with relative ease. I got mine last week, they had a sale at 5 bucks a pop. Did a pretty decent job had to run it over a few tougher spots a few times...
Once I was done I used my wire drill attachment and elbow grease to hit the corners the pad couldn't reach, then used some packing paper and masking tape to block off the area and hit the whole thing with Eastwood Textured Rust Encapsulator. I got that here... Eastwood Textured Rust Encapsulator Black Aerosol 15oz
Two coats, followed the directions on the can. Turned out really well, so well in fact I intend to do more of the frame with it when I get around to getting the tires off to paint them soon. Right now my priority is getting my new nutserts in and my skid back on