I would look for something a little moreserious. is this on a car? there are a couple of "rust converting primers" out there that actually convert the iron oxide to ????
How long do you think you will keep the vehicle? Do you live in the winter salt area? I know there is no salt in front of my monitor.
Listen to StevieC he's from the brown belt area. Personally I'd spray with a fairly thin penatranting oil (not WD-40) that also has a rust preventing comp. in it. Then wait about a month or six weeks and hit it with something with a little more body to it like a motorcycle chain lube. Use google and you'll find all kinds of products and ideas/help.
If you'll close enough to the Candian Boarder to cross easily check out Krown or RustCheck rustproofing
I got an aerosol can from a rep and was really impressed with the texture,soft waxy but not really sticky and runny,tan color so it doesn't hide anything lurking underneath like black colored products.A 12 can aerosol case is $98,i got a 4 gal case of bulk for my gun with wands for $272.Great specs >4000 hrs salt spray vs 1000 for 3M rustfighter.
This weekend is getting 2 cars done inside and out,time will tell but i have the feeling this maybe just the stuff for the rust belt where i live.
A co-worker was a regular used oil applyer .
Always seemed to be adding and touching up his rust prone areas.
I'm sure it helped over being left to it's own natural state, but I'd choose a dedicated product.