Well, I really like sandblasting but its cold outside right now. So, today I hit the side of the panel with some 60 and some 80 grit sandpaper and found out right quick that wasn't my cup of tea. I went up town and bought me a 3M stipping brush for my electric drill and hit the side of the panel again. I think this is the way to go but its going to be a little slower. BUT man, it takes it to the metal and its clean/slick. I have three coats of paint and an expoxy primer to grind off so mine may be worst than yours??
If your only taking off light rust I would say sand it. If its rusted and pitted bad I'd sandblast it.
All depends on circumstances and pocketbook! As someone mentioned above it will most likely take a combination of things.
I'm sure the PROS will chime in a little later.