I'm building a 350 powered VW beetle on a shortened and lowered S10 chassis and I used Master Series Silver (
http://www.masterseriesct.com/) with hurculiner roll on bed liner over that, and I plan on using the same process on my 76 K20.
I had everything stripped down so I wired wheeled and sand blasted the frame, but I know lots of people who have just wire brushed off the loose rust and brushed on the master series with good luck. A lot of VW people swear buy this stuff, for a test I painted a rusty piece of bar stock with it and threw it out in the driveway all winter and even getting snowed on a salted it still looked good in the spring.
Wire wheeled:
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Sand Blasted:
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Painted with Master Series:
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Hurcilined:
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Re-assembled:
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I might just throw this engine in the k20 and build something else for the V8 beetle since that project has been on hold for a while.
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I also used the silver on the ford 8.8" rear end:
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A couple links for more pics:
http://www.v8beetleresource.com/chassis10.html
http://www.v8beetleresource.com/chassis14.html
http://www.v8beetleresource.com