I would avoid ever using any 'rubberized' coatings. All such coatings can only work if sealed against totally clean metal, and if water never (ever) gets behind them. The water WILL find a way, and then any rubberized coating acts like a poultice, keeping water/salt/rust trapped against the metal, making it rust even faster. Tar-based 'undercoating' and 'sound deadeners' fall into the same camp - do not use as rustproofing under vehicles.
As many have noted here, you want grease/oil based coatings that remain 'live' and do not cure. I'm not sure I would even attempt to paint that frame after cleaning. I would apply a grease product liberally, and flood all frame areas with ATF or ATF mixed with paraffin (heated until runny). I have literally taken axle grease from a tub, with a gloved hand, and applied to to rusty surfaces, working it into the rust and crevices. I can assure you that any rusty surface that is coated with 1/8" (ok, a couple mm for the Brits

) of grease will not rust.
Final note, no rustproofing is 'forever', so a yearly check on a lift and perhaps putting more liquid grease products inside the frame is a must.