Anybody familiar with Val-Oil?

I need to coat the hinges and other metal (steel) parts of my trailer to prevent rust. I took them off last year and wirebrushed them on my bench-grinder until there was no rust left, but now they are all rusted again.
I tooked one of the brackets to a local paint store and the proprietor suggested a couple of coats of Val-Oil.
I tested the product on a piece of steel I had in the shop, applying 2 coats by dipping it. I gotta admit I like the finish - thick, smooth, etc.
Does anybody know if this finish will stand up to the rigors of a trailer - salt, dirt, etc?
I've got a quart to play with and I know I won't need it all. Any other applications that you folks can recommend it for?
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