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If it were my engine, I'd shake loose a few $ and fillitup with evaporust. Eats the rust, no side effects because no acid or caustic. it will eventually eat all the rust away to nothingness, but stocking filters would still be a good idea because dissolving the rust will likely shake loose other stuff from the sludge pit down there. An ideal solution would be to swap in a crummy spare radiator so you can freely run the thing to circulate the solution AND to heat it up for faster action.
When you eventually drain out the evaporust, it will look really awful but will probably still have considerable power in a derusting tank. I love the stuff...it gets all the rust and does not damage anything, even zinc.