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POR-15 is good stuff. I have used it as a chassis undercoat, to coat the floors and topside of my F-100 cab, and as an undercoat for a tractor's cast iron frame. It is particularly good to get into areas that you will not be able to access, like the area between the roof and interior of the cab in the cracks and crevases.
It dries very hard and is durable and seems more chip resistant than other paints - even 2 parts. It is NOT UV resistant, so it must be top coated if it will be exposed to sunlight.
I have also used it with some fibreglass mat to patch up the floor of the toolbox on an Oliver tractor. Just cut the mat to fit and saturated with a couple of coats of POR15. I thought it was going to last about a year.... but 5 years later it is still there, with no signs of rust!
Most of the items above were sandblasted prior to application, so they had a good start. The underside of my cab was just wire brushed and it is still holding up well.
Check out their website. I find their claims to be accurate.
If you are talking about surface rust on heavier parts, You can remove as much as possible of the loose stuff, Preferably with an abrasive blaster using a media like black beauty rather than play sand. Next best, I recommend using an abrasive string wheel over a wire wheel. If you must use a wire wheel, be sure to wear a face shield, heavy shirt and heavy leather gloves. The flying wire can be seriously dangerous, my brother is blind in one eye from a wire wheel.
Once you get it as clean as possible wash the part with a solvent like mineral spirits or acetone. Use a wipe on or spray of a rust converter product such as by Red Devil (wipe on) or Rustoleum (spray) available in the paint dept of Home Depot or Lowes (NOT a primer or paint be sure you get rust converter). The converter reacts with any remaining rust to turn it into a black inert material. The finish will not be even, just be sure all surfaces have been treated. Unrusted surfaces will not react or turn black. Follow the directions and after drying for the recommended time prime and paint with your favorite paint. The converter is not cheap, but it goes a long ways if used according to directions, and is very effective at stopping rust.
Nothing is going to stop rust thru except replacing it with new metal.
I've used the por 15 fuel tank kit with great results. If you decide to use it, follow the directions to a "t". The only thing I would offer is not to try and speed up the drying between prep and coats (like using a heat gun). I gave it a couple days between steps to be sure. Excessive? Maybe - but I'm in the waterproofing biz and the most minute amount of moisture under a membrane can ruin a job.