Another good option is galvanizing, if you can find a galvanizer in your area. Cost should be in the $300-$500 range. They dip the entire frame to remove all rust, inside and out, then dip it to galvanize it inside and out. Never have to worry about rust again. You can leave the frame like that or there are special primers that will stick to galvanized metal so it can be painted.
It's less work overall and removes the rust inside the frame that you can't.
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Hank
70 Chevelle SS396(454), M20, 3.73
My Chevelle
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