Based on your mention of the appearance of Aqualock in some forums I re-searched the term with forums. It has been mentioned as a SW product used to paint piers and wharves above the water line I also found this:
Insl-x Superior Coating Systems
The tech data listed on the page mentions that this version of it can be used as an undercoat to metal that has had rust sanded off. Given that this is the only game in town...guess I'llhave to just see how it goes.
