I just did the rear frame of my 1997 k2500 truck. I removed the bed, and wire wheeled off the easy spots. I have a 2700 PSI pressure washer and the 0 degree tip does a good job on removing heavy flakes.
I used their metal prep spray and it really doesn't seem to do much to flaky or thick rust. I used a spray bottle and applied it for about an hour and a half. I didn't see tons of rust eaten off but hopefully it prepped it better for the por-15.
I hand painted the frame rails and the crossmembers, as well as the shock mounts. It takes a very very long time. I couldn't imagine laying under a vehicle trying to do the same and hitting all the spots. I used 1 quart on the rear frame and it was like $45 from amazon.
It dries to a very hard like plastic coating and looks pretty tough. I think for this stuff to really work it needs to totally cover a rusty frame to avoid water destroying it and bubbling.
WEAR Safety glasses and cover up very good, it stains your skin black and doesn't come off for a week, it would really suck getting a big drop on your face! The paint is pretty thin so it spatters when brushing is why i put the glasses in bold.
For top coat I used my other go-to rust paint. Rust-Oleum HAMMERED finish paint. Its great paint much better than the basic paint that rust bleeds right back through. I usually use only the hammered on rusty frames and it has stayed on everything even applied directly over rust. I just spray it on with a cheapo $10 harbor freight paint gun, thin the paint 50/50 with only Xylol/xylene (sold by the acetone and lacquer thinners) It sprays great and dries in 15 minutes. I have found this paint to be very durable as well. Its $11 a quart vs $45 for por-15 and honestly I don't know if its much worse. Time will tell. It was my first use of por-15.
Edit the Rusoleum Hammered paint is UV safe is why I coated the por15 with it, I painted my fathers trailer and it still looks pretty good 5 or 6 years later and the rust still hasnt come back.