I used it years ago when it and Naval Jelly were the only things like that I knew. It seemed to work pretty well. I think it is similar to a lot of other rust converters that are for sale now that convert the rust to an oxide coating. You still need to cover it with some kind of paint to prevent it from rusting further.
The name is kind of funny, if you ever studied french. Mort in french means death, so rust-mort means death to rust. The only thing is, the 't' is not pronounced in mort by the French, so it sounds like rust-more!