For just a "touch-up" spot, I've ground off the rust, wiped the dust off, wiped the bare metal with solvent, and lastly quickly sprayed it with Rustoleum metal primer (the white stuff). I then go back over each primed spot with brushed-on bottom paint before rolling on a coat of bottom paint (CSC).
It would probably be best if you blasted a small portion (couple of square feet) at a time to minimize the oxidation of the steel while it is exposed to the air. Then follow Kloudie's instructions.