On past projects, I have done lots of work with sanding, priming, painting, etc., but...
A fellow club member recently did his 68 Buick's frame with POR-15 and a cheapo paint brush. From now on, everything I do will be POR-15... Easy to apply, very durable and a very nice gloss black.
All he did was coat the frame in oven cleaner, scrub the worst areas, pressure wash and clean the worst rust with a wire wheel and grinder. I'm amazed at how smooth the POR-15 spreads out, and really looks like powdercoat.