ukie- See how this compares with Ron's reply. And note that I'm starting to think I need to add some kind of "don't try this at home, kids!" disclaimer because of how Ron Ketcham, who has a lot more experience especially with regard to how things "usually turn out with normal people involved", is often :soscared: about what has worked fine for me.
Anyhoo....this is something I did on other vehicles (including my oh-so ratty beater-Blazer, the frame of which was a royal mess)and will be doing on the Tahoe one of these days. Again, this has worked out super for me, and I do mean long-term (the Blazer's current owner says it's still fine). Here's how I do it:
-Clean with degreaser/steam/whatever
-Scrape/wire brush obvious rust that you can get to
-Treat obvious rust with Rust Bullet's Metal Blast (incredible stuff, much better than all the others of its type I've tried)
-Seal with Eastwood's Rust Encapsulator or Rust Bullet or POR15 (not a big fan of the latter, and the Rust Encapsulator is the easiest)
-(optional) Paint with something durable
-(kinda optional, but I'd *absolutely*) do this) Coat areas that show with Eastwood's Black Heavy Duty Anti-Rust
-Spray/treat electrical grounds/etc. with either ValuGard's rustproofing or Amsoil Heavy Duty Metal Protector
-Spray mechanical stuff like spare tire retaining hardware with the Amsoil
You can do a pretty OK job if you merely clean it up and use the Black Heavy Duty Anti-Rust. No, it's not the "right way" to do it but it turns out mighty nice most of the time and yeah it stays that way pretty well. But note the disclaimers "most of the time" and "pretty well".
Gotta be careful do do a decent job applying this kind of stuff so you don't leave pockets/etc. that can retain moisture/salt/etc. Gotta keep it clean (just wash it) so you can keep track of how it's holding up, and touch up/etc. as needed (not very often IME). Be prepared to touch it up if your mechanic scrapes stuff up using a lift on the frame (I send pads along).
I really can't say enough good stuff about the Eastwood Heavy Duty Anti-Rust. It's like a blend of undercoating/rustproofing and paint. I was confident enough in it to recommend the stuff to Brad B for use on his 4Runner, and he was just as satisfied as I thought he would be. It even works pretty well (read "awfully [darn] well!") when you do a crappy prep job. Easy as pie to touch up too, just spray or brush some more on.