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There is an entire procedure and timeline to follow if you do not want rust to bubble up under your paint. It involves acid then special cast iron sealer within minutes and then fairing and barrier coat with bottom paint as the final step. For most people it is better to just paint it and know you will need to deal with rust periodically and move on. This was my keel after one season in freshwater, I skipped the acid, fairing, and barrier. I soda blasted and immediately applied a caste iron sealer, then paint.
When I worked on my keel, I removed as much of the rust and coating. I used rust fixative, then epoxied over pits and dents, then barrier coat, and then Micron extra. After one season, I spent ten minutes removing some rust spots, and the barrier coat and then Micron extra.
Perhaps, as Frank mentions, the cast iron sealer would have been the better method to mitigate against rust.
Copper-based bottom paint directly on cast iron will promote rust--galvanic corrosion from dissimilar metals. I suspect "[url="http://www.rustoleum.com/CBGProduct.asp?pid=40"]Rust Reformer[/url]" is another name for what Deric calls "fixative"--it's a somewhat acidic compound that turns rust and bare iron or steel black, and dries as a clear coating that can be painted. I've used it on a few things--I'd probably have tried it to prime an iron keel, although mine was encapsulated lead.
You are correct in the use of the term "fixative" as I noted above. Interestingly, I learned of the term and application from this website - - a year ago.
Notice: The advice given on this site is based upon individual or quoted experience, yours may differ. The Officers, Staff and members of this site only provide information based upon the concept that anyone utilizing this information does so at their own risk and holds harmless all contributors to this site.