Wire brush, use some Naval Jelly, clean real well, then paint.
I'm not as huge fan of Por-15, Chassis Saver, or any other that states "rust encapsulating". All that type of paint does is seal the existing paint from air and keeps it from rusting more, or so they say. The rust is still on the base material. If thick enough rust, it can still chip off and then you are left with an exposed portion of metal.''
If you want it to look good, clean it so it is as smooth as possible. Use something that cleans rust. If anything, spend some money on a few bottles of CLR to get it removed, or if close to someone that does sandblasting, hit them up.
You will be much happier if done correctly instead of taking a shortcut to cover the rust.
Just my two pennies on that though. Take it for what it's worth.