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Another consideration for a protective finish would be to use 0000 steel wool on the paint, a fine grade wire wheel on the rust spots followed by Johnsons Paste wax.
My truck didn't have a lot of paint left but this is what I did and it has worked out quite well. Others have used the 0000 steel wool and paste wax on vehicles with much more paint and it looks really nice. Inexpensive and you won't have to worry about getting a scratch in a clear coat.