I take the easy way out.... a couple of cans of spray paint and in 20 minutes its done.
the cast iron that the keel is made of will never rust the way steel does.... even in a salt enviroment, cast iron will outlast steel 3 to 1. the crystalline structure of cast iron does not allow fast erosion or heavy rusting of the metal
it will only be a surface rust and wont flake off in chunks, so the spray paint will adhere to the rust and inhibit it thru the season, so it shows a nice clean painted keel.
over the winter as it sets tarped on the trailer, the rust does begin to show again, so another couple cans of spray paint later it looks as good as ever.
my experience shows sanding as a waste of precious time, as a quick wipe down with a scotch brite pad before painting will remove any loose particles that will get in the way of good paint coverage.
also, sanding actually removes the iron oxide barrier that has been naturally created by the metal as it is exposed to the corrosive effects of oxygen, that in turn, helps to protect the metal from further corrosion.
when you remove this barrier from cast iron, it wants to rebuild itself on the surface of the unprotected metal. painting can help, but the metal wants its natural barrier coat, so it will rust again at its first chance.... painting over trhe rust is the best for the metal and easiest for us