Steve,
For 20 years I've been buying the cheapest black paint I can get my hands on and just spraying the crap out of the underside components. I had an '80 toyota and always ran it saltwater mud and on the beach. When others had their 'yota frames rusting in half, mine was still going strong.
If you want to be real nice about it, use a stiff metal brush or wire wheel. Break up the rust the best you can. Get ride of all of the loose stuff. Use a rusty metal primer from Krylon or someone. Then use the cheapest black spray paint. Every so often , once or twice a year, when I'm under there changing oil, I get on my creeper with a spray can and inspect the whole underside of the truck and paint the frame, springs, mounts, axles, hitches, shocks... . while I'm under there poking around.
Wear a breathing mask, a hat and something to protect your eyes. Expect to come out from under the truck a bit sticky.
Just did mine today during an oil change.
Bob