Bit late but a noob and just browsing all sorts. Waxoyl MAY work, but once you have rust, a electrical corrsion cell is formed and will carry on regardless.
You can easily(relative term) neutralise rust using its own weapon against it using washing soda.
http://myweb.tiscali.co.uk/andyspatch/rust.htm is just one of the sites describing the process.
You do not need to do anything physical like scratching or rubbing, which is nice, but you do need to first of all have patience and a place to do it. My mate used some plastic sheeting and old tyres to make the trough, and a battery charger for the power.
There is a thread somewhere on't interweb of a sidecar frame having been dumped in an estuary for years, came up a treat - at least all the rust had gone.
BTW rust is rust, its gone back to nature, all part of the entropic disintergation of the universe. Short of collecting all the flakes up and re smelting them, it has no structural use.
Once clean, then use waxoyl
Nick
