If after 50yrs+ there is just a dusting of rust, forget about it...
- Black rust is millscale and actually inhibits further rusting
- Paints like hammerite can trap moisture if cracked (unlikely on an RSJ)
- POR is good, but forget welding to it, or mag-drill n bolt to it either
- Rust converters work, but only to a very limited depth
- Red Oxide does not have lead, probably some other oxide
Typically if you want to protect structural steel you...
- a) 3M Clean-n-Strip disc to a shiny surface including pits
- b) media blast to a "sa2" bright shiny surface including pits
- Paint with zinc epoxy primer =A350 or epoxy mastic =A330
To touch up coated steel, use galvafroid...
- Real cold zinc primer, =A315 for 250ml, extremely heavy
- Only works where zinc can directly contact steel not rust
- No abrasion resistance, but very effective
I'd rather put the money towards replacing guttering early, because that can really leave a trail of problems.