Paint chips, in rust stage

I browsed around a found a few threads like this one:

http://www.tacomaworld.com/forum/detailing/30697-terrible-chips-paint.html

But I am wondering what the best course of action to take is if you have a small paint chip that is showing rust. It was on my truck when I got it and I realized letting it sit for a year probably has not helped. But that is the reason I want to take care of it.

 

Yeah,
I'm currently on a search for solutions also.

I found this thread:
http://www.tacomaworld.com/forum/2nd-gen-tacomas/52540-preferred-method-repairing-paint-chips.html

Not about rusting chips though.
I'll keep searching.
If I find something, I'll post it here.

 

I haven't tried it:
http://www.langka.com/prep-pen-p-51.html

 

Kill the rust
Touch up the paint with paint that matches. Factory touch up bottle works.
Keep the paint as flat as you can as you apply.
Let it dry, Multi coats recommended if deep area
Sand with 400, then 600, then 800, 1000 grit wet dry
Stay off the good paint.Get the repair flat
Compound out area with a light compound
Be patient and you can get it back to factory look