You have to get rid of any scale on the surface. Ideally, I suppose, the surface should be bright and shiny. I didn't do that. I used a metal scrapper to chip off the loose stuff and then a stiff rotary wheel type steel wire brush in an electric drill. The surface looked grey going brown in color tint. And, if you scratched it any where with a sharp pointy, you saw bright metal.
In the ideal world I would use Metalprep or Oxisolv first, then the ZC. But, I didn't do that and it still worked quite well.
I looked at the plasticote link you posted. It looks like real zinc chromate to me.
I can't get that at the local stores around here. Only through aircraft supply. The Tempo brand is what I had.
If you can find Zinc Phosphate, that would be better to use on steel surfaces. The phosphate would bind better to steel. Chromate binds better with aluminum, but still adheres well with steel.
http://www.eastwoodco.com/ Has many rust related products for restoration work. Browse.
I have also used their Oxisolv to remove rust after the loose scale was knocked off. It dissolves the rust and leaves a zinc phosphate coating. You'll still need to paint this, though, to provide a moisture barrier. But, this is also a very good preservative system.
And they make a "rust encapsulator" coating that really seals out the atmosphere after it hardens (takes awhile).
The Zinc chromate I used was pretty fast drying. I put on two coats, three hours apart during the summer heat. The rim was just ready to use the next evening. I should have let it dry another day, really, as it was still softer than I would have liked. But, it still worked out okay. It was quite hard when I saw it again years later.
Cheers,