I wired wheeled my frame down. Afterwards I wiped it with thinner to clean it. I then used Eastwoods rust converter and then Eastwoods Rust encapsulator. Afterwards I gave it a light scuff and then hung it outside on my engine hoist. I sprayed it with Rustoleum Industrial semi gloss black. It looks awesome. Not perfect, but awesome.
I wanted to have my frame sand blasted and powdercoated, but the cheapest I could find in my area was around $750.
I did my whole frame for $110 and my labor. Another good thing about the Rustoleum is it is very easy to touch up if and when it gets scratched.
Here is a photo, check my album for the whole process.
http://good-times.webshots.com/photo/2210667530031183259EWUKXl