I'm priming my truck with something similar. I'm using Pettit Rustlok, very similar to trailer coat. Pettit uses aluminum as a pigment in all of their primers. The trouble is, it's moisture cured. If it gets on your "moist" skin, it cures nearly instantaneously. Once cured, it cannot be touched by solvents. It's convenient because it's a one-part primer, but because of it's solvent resistance it can be top coated with 2-part paints. It's extremely durable and chip resistant. It also takes heat pretty well, I primed my engine with it. It can be painted over rust as long as there is no scale. It wet sands ok if you're going to topcoat it. It dries in about a half an hour to an hour. I was able to apply 3 coats, sand, and topcoat in 1 day even while it was relatively cool and humid. On my frame, I prime with the Rustlok and topcoat with Rustoleum Satin black. You need do multiple coats of primer because the brush will leave some thin spots that will show rust after a while. This primer is the only 1-part primer I know of that can seal out water.