Ok everyone I finally got the frame sand blasted and painted. Cost me $100 to have the guy sandblast it and he did an awesome job he even hit my axle and drive shaft which were also badly rusted.
I used Por-15 to put on the frame and unfortunately no matter how careful I was I still got some on me, looks like I'll be wearing it for the next few weeks. My wife and I brushed it on with brushes for most of it and then I used my paint sprayer for the areas we couldn't get to with the brushes.
I used the Marine Clean and the Prep and Etch from Por-15 before the actual paint. I ordered 4 one quart cans of paint and a gallon of each prep solution, but that was way overkill. I only ended up using a quart of the paint, so that was cool. I plan on using the rest on my wife's truck and the rest of the frame for my truck.
As you can see my hangers are really bad now that all the rust is removed. I ordered the new ones so hopefully they come in this week. I also ordered a new differential speed sensor and plan on going to Pull-a-Part to get a good connector cable.
I also replaced the rear brake line and the rear brake hose, so besides the parking brake, the rear brake system is perfect.
And finally here are the pics.