I'd suggest not neglecting treating the inside of the frame as well. Eastwood makes a new product called "Eastwood Internal Frame Coating". I have a 68 and can tell you from experience that you wouldn't believe the debris, moisture, and rust that gets inside those boxed frames. I attached about a 1 inch hose to my shop vac and worked up and down the frame sucking out mouse nests, rust chunks, etc. It took a couple of hours to get it all. Then blew it out with a compressor at 100 psi. I then taped over all the holes and sprayed it with the Eastwood frame coating. It comes with a 18 inch long tube and special nozzle to reach down the frame. I was very impressed. After you do that, then clean off any that leaked out and treat the outside of the frame as everyone has discussed.
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68 LeMans Convertible
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