74 power wagon dream truck...

I bought a gallon of this newfangled rust encapsulator / primer coat stuff and it can be mixed with 20% water for spraying in a gun.. I think I'm going to spend the $16 and buy one of those Harbor Freight guns with my cheap little Harbor Freight compressor and see if I can't do my floorboards..
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That's a pretty good video link on Amazon.. it's pretty good reviews as well. I've got a pint of por15 coming but I think I'm going to go with this.. it says the gallon will cover a thousand square feet which should be enough to do my next three projects LOL but of course a pint probably just fall a tick short.. (I know my luck LOL...)
It kind of reminds me of SEM Rust shield which I've used. It's not water based like the stuff your using though.
I've used rust mort alot too. nasty stuff.
a water based product that works would be good, I hope to hear good reviews about the product you're using from you, time will tell