Picked up a original paint tank when I was back home in PA. Inside had a lot of surface rust but it looked solid. I let it sit around a while since I was tentative and didn't want to mess it up. The first thing I did was water blast it with my garden hose ("jet" setting). I imagine a pressure washer would have broken up even more rust but I don't have one of those. I shook the heck out of it with the water in it. It barfed up plenty of rust. I worked it over real good with the hose for a while, then dropped in a bunch of wood screws I had laying around. Same thing, shook and shook. Rinsed... I picked up this stuff called "Evap-o-rust" at Autozone today. I wanted something less caustic than the toilet bowl cleaner I used on another tank. Toilet bowl cleaner will be a last resort of sorts since it ate pinholes in the other tank I have. I sealed the bottom with a piece of inner tube and small metal plate as photo'd. For the top I used a 47-50mm freeze plug I bought at autozone. Works great. I grabbed the bolt on the freeze plug and yanked out most of a dent that was in it after someone slammed the cap down (or stepped on it or whatever) I'm letting this evap-o-rust sit in there all night. Every once in a while, I walk into my garage and move the tank around. Here's hoping....
*edit* I forgot to mention... I picked up some isopropyl alcohol at the store. I plan on dumping it into the tank after all is done to suck any water and evaporate it off. Again, theory... but I hope I end up with a usable tank...