That Rust Inhibitor is a clear coat. I don't find Rustoleum sprays to be very rust resistant, though. Even the "Rusty Metal Primer" isn't very good.

What does work:
Rustoleum Cold Galvanizing Compound. This is 93% zinc dust with a paint binder, in a spraypaint can. It says it's for galvanized fences, etc, but it works great on any steel surface.

I've used it on sheet steel "box gutters", the built-in gutters on old houses. I've scrubbed the minor surface rust on the sheet metal, rinsed and dried it, then sprayed. No rust for many years, even without another paint coating over it.

When dry, it's a light gray, shiny, metallic looking finish.

I've never tried it on a bike frame. It would be very messy, having to protect the threaded bottom bracket from getting clogged up, and keep the silvery paint from dripping out any vent holes -- or wipe off outside drips with a paint thinner soaked rag.

A rust converter is not the same as a rust preventer. The Wiggles Frame Saver, Boe-Shield, Fluid Film, LPS-3 Corrosion X etc. are rust preventative coatings. The products that reform rust (FE Oxide) into a stable coating that starves the underlying oxidizing process of O2 is not appropriate for an interior frame coating unless there is an awful lot of rust, for one thing, it is heavy, for another it is meant to be top coated.

Something I forgot to mention that is very important if diluting an acid, in this case phosphoric acid:

"Do what you orter*, add acid to water!" Always add acid to water to dilute it, NEVER ADD WATER TO ACID. A steam explosion could result, spraying you and the area with hot acid.

*i.e., "ought to"