Did a search and only found one short comment about it. So figured I'd put it back out there.
Having been a restorer of vintage (1930-1960's) motorcycles for an awful lot of years now, I have to deal with serious rust on parts that had insanely low (500 or less sometimes) runs of production. Have to save them, as replacement is impossible, and machining a new part just wouldn't fit the end goal on external parts.
I have always, and always will continue to use, 85% phosphoric acid (15% glycerin as a thinner/carrier).
Soaking for small parts that I can, and brushing on for larger bits (frames and combustion chambers in my use). Generally let sit for about a day (with the exception of valves, which will have the coating eaten away, I only leave for a couple of hours).
After you've wire brushed as best you can, set em to work. Serious corroded bits take a few days of work, but the results are always great.
Rust inhibitor products have too much extra crap in them to be terribly effective for seriously messed up parts.
Working through my own rig, bolt-by-bolt, cleaning and painting/sealing every single part. Works like a charm.
(added bonus: if not powder-coating, Appliance Epoxy is a pretty serious finish for clean metal parts, which I use quite a bit)