For what it's worth, my approach is very similar to Panky's!
1) Wire cup brush in the angle grinder. This takes most of the flaky stuff off, but tends to polish some of the more stubborn deposits, leaving it looking clean and prepped when it's not!
2) 40 grit flapper cylinder in the electric drill. This cuts through the rest and makes the deeper pits visible. It also scratches, so I do sometimes use 80 or 120 grit versions. There is something similar available for the angle grinder, (bits of abrasive paper glued to a backing pad) but I find these too aggressive. I then scrape out any pits with a pick, (similar to the one the dentist uses).
3) Wash the area with hot, soapy water and a stiff toothbrush/scrubbing brush. It's amazing how much brown water comes off an area that looks clean! This step is essential - the rust particles sit in the pits and create small air pockets where rust can set in again! Get the area completely dry as quickly as possible. I use an old towel, then heat gun or hair dryer.
4) Paint on any phosphoric acid based rust converter. I have used several brands over the years and not had any trouble with any of them. Some brands just paint on and let dry, some paint on in stages then wipe off.
5) Prime! I use zinc primer. It's tough, has good filling properties for the pits and scratches, and sands easily.
6) Final prime and paint.
Good luck!