My "solvent tank" consists of a 5-gallon pail into which I dip parts and soak for a day at a time or more. Then I hose them off.
The chemical I've been using is Simple Green all-purpose in a 10:1 mix with water. I've soaked a lot of cast iron, wrought iron, cast steel, and forged steel parts in it. As long as the parts are completely submerged, I've yet to experience any rust. If a part sticks out of the solution, water vapor above the liquid level does cause surface rust.
The stuff is strong enough to remove most industrial enamels, but doesn't harm nylon or other plastic parts.
I clean everything with Acetone before painting, because the Simple Green does leave a residue.
Ryan