For everyone's info, the Caswell is simply a two-part epoxy, but it is an ethanol-resistant epoxy -- most epoxies aren't. So, imagine lining your tank with a complete, unified, inner shell. It creates a tank within your tank. It will seal pinholes with no additional prep, and will seal bigger holes if you make a scaffold for them. You should always do a good job prepping, but even if you don't, it will seal rust. I understand the concern of the Caswell reacting unfavorably with gas sludge or varnish, so do your work and get rid of that stuff first.
I earlier wrote that it's been about a year since I Caswelled my Omar's tank. I got to thinking, and it's been closer to three years, and it's had 10% ethanol fuel in it all that time.