I had my hand at some de-rusting today as well. I used this product in the past to bring my 77 back to grace after it was pulled from a 35 year slumber in a barn.
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The active ingredient is Phosphoric acid. I like that this is a gel form as it sticks to what you spray it on. Todays project was an old HD swingarm I bought at a swap meet this summer. It had previosly been stripped but never painted or coated. There was no serious rust, so I just sprayed on, blotted it around with a toothbrush to ensure coverage and waited about 20 minutes. Then scrubbed lightly with a wire brush and rinsed off. I did a half/half application to test the results. Then a second round to finish the other half as well as some minor touch ups in a few spots.
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The product is also a rust inhibitor and is good to paint over within an hour after drying. I am not ready to paint yet as there may still be some mods to it as well as installing new bearings and races, so I just hit it with a light coat of Gibbs as an extra layer of protection against any flash. Very happy with the results.