Best way to cover rust

I have a 94' Kawasaki 125 that I bought for really cheap. I have the bike apart all the way to the frame, and im going to repaint and repack/replace bearings and seals, basically restore it but not totaly, just make it a good running bike. So while I have the bike stripped to the frame (I am waiting for the $$$ for top end work), I decided I will paint the frame. It has normal wear (paint worn and rusty by foot pegs and above on frame, under the frame, small places like that. The rust isn't bad at all, most rust comes off easy with 200 grit sandpaper, except for small rust pits. But there is sooo many small rust spots in tight places that I can never get to. What is the cheapest way to tackle this job and get it ready for new paint??? I know sandblasting would be best, but I can not afford that.

What about POR or Eastwoods Rust Encapsulator?? I tried naval jelly and it would take years :nod: . I just dont want the rust coming back through the paint. I want it sealed and stopped, or removed. but FOR CHEAP!

Thanks guys, I just wanted everyones $.02's to get ideas on what i should do. I have worked on a lot of cars/trucks, and painted 2, so I have most stuff...including Eastwoods Rust Encapsulator tho the can is empty now. I was just checking to make sure what the best route to go for cheap was. I think I will either neutralize it, or use POR 15 (or maybe both), then a couple coats of paint with PJ1 kawi green. I have some left over bedliner so I will bedline the bottom of the frame, and the side by the foot pegs then more green paint over that.