Again, prep is the key. You need to wire brush, sand, scrape, away all loose or heavy rust before treating it with converter. The converter is just one step in the process. Don't get me wrong, the prep process is a laborious, tedious pain in the ass to do correctly. That is why so few people get long lasting results from an undercoat job.
Have no fear about using a spray can product like duplicolor bedliner coating. The stuff is very rubbery, it never completely cures and it will never crack. It is also tough as nails. I've had it lining a wheelbarrow and a trailer for a garden tractor for years and it still looks like new.
If you aren't willing to do the required prep work, then you are probably best off using an oily product that gets reapplied often.