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You probably know that you have to drop the tank. Other than that it's pretty straight forward. I just changed my entire rear tank last weekend, I'd suggest changing all of the rubber lines as they're probably dry rotted and in need of replacement.
The "tool" I used to unscrew the retainer ring was large Channel-Locks
and Vise-Grips. The Channel locks did all the work really, they were opened
wide and used face down (nose down?) but they only offered a handle on
one side so I clamped on to the upper jaw with the Vise-Grips.
My mid-ship tank used a different style of retainer and I used a square
screwdriver shank (it didn't have a handle). ;)
Don't know nuthin about dealing with rusty bolts but on mine it's got
undercoating and carburetor cleaner works great on that stuff. :)
Seems to work better on wimpy Arizona rust than Liquid Wrench.