There's a fair bit in the literature which suggets that rust converter is not an overly good approach. Essentially, you're painting on phosphoric acid, which should convert some or all of the rust (ferric oxide) to ferric phosphate.
The concern is that there may be some phosphoric acid left behind, and the adhesion qualities of the ferric phosphate may be limited.
My experience is that mechanical removal of as much rust as possible gives the best results (and I accept that some areas are not sufficiently accessible), followed by a coat of red oxide primer, followed by 2 coats of enamel.
I would recommend White Knight red oxide primer and Killrust enamel, but that's a subjective opinion.
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Chassis black is an inferior product, designed for short term beautification not long term protection.
You might consider hiring a 15cfm compressor (it'll need to be petrol driven) for a day (say $75), and buying a sand blaster gun from Super Cheap. They do a nice one with a built in container for about $45.
For $120 and a days work, you'll get a much better outcome than using rust converter.
Peter