POR-15
I have used it some and have had mixed results. There is a lot of prep work involved (and yes, I did it) which involves removing all grease, oil, dirt, scale, loose paint, etc with elbow grease or tools. Then you have to degrease it with the POR detergent. Then, you have to etch it with the POR metal ready. Then, you have to put 2 coats of the POR-15 on. It is at least a 2-day process. POR-15 sticks best to rusted metal. It is less likely to stick to good paint, even if you rough it up. Although it is a hard paint, gravel will pit it. When I rebuilt my engine, I did most of the miscellaneous motor parts, skid plate and splash pans with it and it had held up. Not so for my front bumper which is peeling like a SOB. I am going to have to sandblast it and go another route there, probably powder coat.
After using POR-15 on 2 rigs, I tried Rust Bullet. I like it better. The prep work is just the basic prep...physical cleaning and degrease (dish soap, simple green, etc.). I have been using it on engine and running gear parts so have not top coated, but their information says that one can top coat. The basic Rust Bullet is silver colored. It dries hard and goes on fairly smooth; really smooth with a brush on the first coat but less so on the second (same as for POR-15). Rust Bullet is available is a "six-shooter" kit of 6 little cans so that you don't open it all a once which is ideal for a lot of our type of work.
I am in the same boat as you are. My wheel wells are all dinged up and there is surface rust starting. I am thinking about hitting them with the sand blaster (inside wheel wells) and then putting on Rust Bullet. Then, I am going to do the lower perimeter of the vehicle with some type of bedliner to deal with the gravel problem.
Good luck and keep us posted.