1 coat primer, no sanding, sprayed nooks 2 hours later, wait 24 hours to paint, wait 24 hours to second coat. If I do a second coat. Like I said I'm not trying to win any awards. Also, the weather here is ideal. 85H, 65L, low humidity.
I was lucky enough to have very little loose paint so I hit the bad spots with a wire wheel in about 30 minutes and then power-washed it.
I wish I had your patience Upcountry. I used to paint houses and landscape. I did other people's things by the book, I mean everything absolutely perfectly, but when it comes to my own stuff, I hate to admit I am lazy and my standards are much lower.
I don't know if you have had luck with vinegar before, but you may be aware of a high-grade acid prep they sell at hardware stores. I forget what it's called, but it contains phosphoric acid which causes a chemical reaction, and all the rust turns black and is no longer rust. I have used it on two trailers and it works great. It's commonly used by the guys who restore old tractors. A liter ($13) can cover a trailer. The only bad thing is it takes a long time to dry, and if you don't let it dry completely it bleeds through the paint and leaves a white residue.
I decided to skip it this time, just to see what happens. I am always trying to save steps (lazy).
My primer says the only prep necessary is washing with water and detergent. I'll see how it holds up.