Denny - phosphoric acid is non toxic, it's only really corrosive in concentration, and easily diluted in water - cripes, it's even used in food and in your mouth by the dentist - inquire from
these folks re disposal, laws vary by jurisdiction ... one of the good things about it is it can be reused almost indefinitely for derusting, as long as it hasn't been diluted with too much water, all you have to do is strain out particulate and move on to the next item, keeping it in a closed container between times .... it can be neutralized with sodium carbonate [the stuff you use for electrolytic derusting!], but well diluted it can really just be dumped
Bill