Just showing my $0.02 into this thread. I have been using POR15 for the past 8? Years with decent results. I do NOT paint over rust. I sandblast to BARE metal, SPRAY 2 coats of POR15, then SPRAY 2 coats of Valspar tractor lo-glare black as a topcoat. it has worked pretty well, even on trucks that see salt 6 months of the year.
1st. it HAS to go over HEAVILY rusted metal, you know the scaly rough stuff. Just knock the big chunks off, and use their metal ready stuff.
2nd. it is UV sensitive. Don't think that since your frame is under the truck, it doesnt get hit by sunlight, it DOES
3rd. If you are going to topcoat it,do it while the POR15 is still tacky, if not the POR15 drys so hard, NOTHING will stick to it.
NOW, with that said, I have gotten away from POR15 and have moved to MASTER SERIES on my recent projects. It is the same basic principle as POR15 just that it is more user friendly. It Can go over top of paint(POR15 cannot), but it does need to be thoroughly sanded 1st. But again, I Sandblast Everything 1st, SPRAY 2 coats of master Series, then SPRAY 2 coats of Valspar tractor lo-glare black as a topcoat.
The only "bad" thing I have seen with the master series is that it Only comes in silver. And when spraying over freshly sandblasted metal, it is difficult to distinguish what is painted and what is not. Other than that, I am VERY pleased with how it works and I will continue to use it.
Here are some examples of some POR15 projects
What I started with
Before sandblasting
Sandblasted
POR15 and topcoat(yes I had body up to sandblast and paint)
Going back together
Bottom of cab sandblasted
Then for and topcoat
Some of the finish with the valspar topcoat
All Done