Well, I can tell you what was recommended and worked for me. Have the keel sandblasted. After the bottom is power washed clean, take a pry bar and hammer to chisel or cut away any loose material on the keel. Be sure to expose any pockets that might hold water. Use a belt sander with 80 grit paper to sand the keel, exposing as much metal as possible.
I had mine soda blasted, which doesn't do the job, then chipped at the epoxy-paint buildup flaking off the keel. I plasticized the exposed metal surface by coating with OsFro to prevent further rust and provide a good surface for the barrier coat. I used West System Six10, that comes in a caulking tube and is mixed at application with the microballoons already in it, for fairing the leading edge of the keel and some areas along the hull. I used two coats of IP 2000 as the epoxy barrier coat, then painted after the 10 day cure period. Not race quality, but a definite improvement in the material condition.
Good luck.