Join Date: Nov 2002
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We did the keel on our First 235 about five years back. Started by sandblasting to bare metal, then using WM's chemical rust converter. Five coats of Interlux 2000 over that, then antifouling. No rust so far (knock on wood), but we're in fresh water.
FWIW, the chemical rust converters I'm familiar with change rust (Fe2O3) to Fe3O2, which is what you see on a blue steel firearm. Rust flakes off, but Fe3O2 stays in place.
Good luck with the project.