As others mentioned your preparation will be dependent on how bad the rust is. For surface rust the POR is the most popular choice. We have used other brands that have a different viscosity and finish when dry. I've tried to reduce POR 15 but without creating a real mess spraying it becomes a hassle.
I would stay away from a rubberized coating, in my opinion these are for detailing already finished surfaces. If possible before you apply the top coat you can also apply a product like Eastwoods rust neutralizer and/or POR metal ready. Both have multiple steps and should be followed closely before your top coat. Since you probably have the entire suspension in the car it will be best to brush on whatever product you decide to use. I agree with the foam brush but you will find that a variety of sizes will be helpful too.
We recently did this service on a Cougar with all its suspension etc in place, its a bit time consuming if you cover and protect all areas that you want to prevent the POR or other rust inhibitor from getting on, but the results are good.
As with any older car you can be sure that you need to put rust prevention on your annual maintenance schedule.
Be sure to protect yourself, the car and the garage floor.
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