There are lots of problems with that theory.
- Every panel has two sides, and the other side is usually not easily accessible or visible. Air and water are going to get in through the microscopic rust holes.
- Most rust starts from the inside of the panel anyway.
- FF is not going to form an impermeable/non-porous layer over the rust. Even automotive paint is not 100% non-porous.
- It's a well-known fact that Fluid Film has to be re-applied regularly. 6 or 12 month intervals are frequently cited. At various times in your Fluid Film interval, your level of protection is "better than nothing", "alright", "marginal", "poor", and eventually "non-existent".