on the underbody of my 94 XLT I took an evening and sprayed everything down with tremclad black matt rust paint, so far after much heavy rain, it's all still black... I also put about 20 coats of it inside my gass filler pocket as no matter how well it was sand blasted, primed and painted rust always came back in a couple weeks... it's been 3 months now, and nothing yet... eventually I'm going to replace the whole quarter pannel with one made of fiberglass.
I've tried sanding smooth until most of the rust is gone, tremcladding, priming and painting rust bubbles that were under my "Ford" and "Explorer" emblems on the tailgate. I'll let you all know how it turns out... it's been 3 weeks and so far nothing yet... the reason I'm confident this will work is that the tremclad bonds to and neutrilizes the rust where regular automotive paints and primers won't. You could probably use Rustolium rather than Tremclad as I hear it is a much better product, I've just never used it.
We also have a service up on the east coast in Canada called Rust Check... they have a viscous grease that they spray into pannels and on the under carrage to inhibit rust. They garuntee that it won't get rid of any rust you have, but it will stop any new rust from forming... I may get them to do my X
I'm not recommending these methods, just letting you all know what I've done in the short term, and will let you all know how it turns out