i use a vat of water and molasses, around 5:1
after degreasing parts fairly thoroughly, just plunk em in. check every few days and give them a bit of a scrub with a brush to see how the rust is
when done, wash them in hot water and IMMEDIATELY treat them with rust kill etc. or oil them if they're not being painted
this works a treat, but your workshop can smell like a rum shop and you may attract little insects etc
what i like about this method is that it's completely non destructive, so all your paint is going to stay put
p.s. don't put any aluminum in it, it eats it away. don't ask me how i know ...