I'm not a fan of rust encapsulate products (POR15), that needs rust to aid in adhesion.
If the job is to small or inconvient to sand blast the rust, down to bare metal:
I use wire wheels &/or a $20 deburing tool (aka small end mill type) on a DeWalt drill.
Next coat de-rusted metal, with Permatex Extend / converts rust to a phos. coating.
https://www.amazon.com/Loctite-8-Oun...K3KAG9P4MX8BTS
Epoxy prime is best, to seal out moisture, followed by a enamel-oil base metal paint.
www.southernpolyurethanes.com/
- below trailer hitch, was severely rusted / the 3/8" diameter deburring end mil, worked great
Finally - spray undercarriage with Fluid Film wax-oil.