The active ingredient in naval jelly is phosphoric acid. It's cheaper to just buy the acid at home depot & wash it down with a nylon scrubbing pad & phosphoric acid. Turns rust black, and you can wipe a layer off. Depending on how think the rust is that might work OK and be cheaper/faster than anything else. Just wear gloves and eye protection.
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Originally Posted by Cheese
thats one rusty hole 
) usually requires painting over it to seal it, dunno how it would shine after...