I'm a fan of Penetrol and it's been around a long time. I went with it because it's supposed to improve penetration when added to the alkyd-based paint I used for the chassis. It also makes the rather expensive paint go further and largely eliminates brush marks.
I've not use it straight out of the can very much as per the advertised rust 'stabilizer' – I used fish oil which probably works similarly.
A mate of mine does what he calls "Penetrol rebuilds"
. . . by which he means that after he bead blasts carb bodies, he gives them a coat of Penetrol. It kinda clogs up the pores of the casting so they don't attract crud and is essentially invisible otherwise.
IMHO, you're on the right track with Evaporust.
From what I gather, it'll actually dissolve the rust. Not sure how to get the sludge out from between the closely fitting steel sheets at the ends of the T section but perhaps it doesn't matter much if the Penetrol gets in.