The problem with sanders and wire wheels is you can't get in the nooks and crannies. Wire wheels also don't get into the rust pits.
Media blasting would be best in my opinion. I'm sure others will have different opinions
If you're going to use sanders or wire wheels, I would use a rust converting product like Rustoleum Rusty Metal Primer. It won't work for long though if you leave it out in the weather and don't top coat it.
