I have cleaned about 50 tanks in the past 5 years. This is how I do it on tanks that are rusted just like this one.
The process I use it called electrolysis. I use a small battery charger and banking soda to remove 100% of the rust. I then use the POR15 as decribed by POR 15. Don't use kreem. Por15 is much more forgiving.
Basiicaly you filling your tank up with water and baking soda. Make a cap that a metal rod can go into the tank without touching the tank. Hook the ground to the outside of the tank. The hot to the rod that goes into the water.
Electrolysis is a technique for returning surface rust to iron. It uses the effect of a small low voltage electric current and a suitable electrolyte (solution). It has advantages over the old standbys like vinegar, Coke, muriatic acid, naval jelly, wire brushing, sand blasting, etc. Those methods all remove material to remove the rust, including un-rusted surfaces. With many, the metal is left with a "pickled" look or a characteristic color and texture. The electrolytic method removes nothing: by returning surface rust to metallic iron, rust scale is loosened and can be easily removed. Un-rusted metal is not affected in any way.
What do I need?
A plastic tub; a stainless steel or iron electrode, water and washing soda (Arm & Hammer, for example) and a battery charger. About a tablespoon of soda to a gallon of water. If you have trouble locating the washing soda, others have reported success with baking soda. Also household lye will work just fine. It's a tad more nasty -- always wear eye protection and be sure to add the lye to the water (NOT water to lye!!!) The solution is weak, and is not harmful, though you might want to wear gloves. NOTE: It is the current that cleans, not the solution; nothing is gained by making a more concentrated solution -- DON'T!
http://www.stovebolt.com/techtips/rust/electrolytic_derusting.htm
Here is some pics of the process that I use. There are two ways. This will remove rust and not hurt your paint. Your tank will take 3 days. You will need to change the water and new rod daily. The rinse about 10 times with really hot soap and water.
THEN POR15 TO THERE DERECTIONS. If your tank gets pin holes JB weld will work. Again do not cut any corners with the por15 derections. You need Marine Clean, Metal Ready and the US/Por15 liner. The kit for a tank cost about $43 plust shipping. tHE por15 Tank kit come with patched to patch holes. I have used the POr15 with just useing chains.and sheet rock screws with good results. If you use Kreem I would Electrolysis for sure
http://www.altelco.net/~jacil/clay/motorcycle/KElecSetup.html
NO SMOKING THE SIDE PRUDUCT IS NITROGEN. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DO NOT SEAL THE TANK AT THE CAP. DO NOT SEAL THE TANK AT THE CAP.
I WRAPE MINE WITH BLUE TAPE AND PLASTIC WRAPE TO PROTECT THE PAINT.