I`m currently doing this kind of work on the Crown Vic`s undercarriage and I`ve done it before on numerous vehicles. Few approaches have worked long-term, *no* approaches have always worked 100% every single time (but some do work almost every time and I do mean long-term).
Hope the CorroSeal works, never tried it. Make sure it gets everywhere it needs to get.
Q: If you treat with CorroSeal, what needs to be done after that? Will it do much if left untopped? IME if you convert rust and then leave it like that the rust comes back. The rust extends beyond what you can see/treat topically and that can cause future issues.
Q: Does this area show? Do you want to end up with metallic blue paint there or is a satin-black finish OK?
Q: Can you get to both sides?
Q: Can you disassemble it, get the threaded parts out?
(I`d just about bet my life that the rust is on both sides of that and is creeping through the gaps/seams around the threaded bits. You need to treat the rust in areas you can`t really get to directly in order to to treat the rust then seal it up with the right stuff.)
IMO you need to get something between the various parts involved, something that`ll seep into the gaps/seams and get to everywhere that`s corroding and neutralize/arrest/seal the rust- those "oblong pieces that the threaded bits stick up through" that`re outlined with rust are a clue that the whole area is rusting on both sides. Then you need to seal the whole area (extending out a ways from where you can see the rust) with something that`ll keep the residual rust from spreading (something like, but better than, POR15). Yeah, there *will* be residual rust unless you can disassemble/strip back a few inches to bare metal/work from there.
Potential big problem- if that area flexes any then whatever product bridges the seams will probably crack, opening a new gap where new rust can start/old rust can spread.
IME Rust Converters seldom work well for repairs like this (good for other jobs though). I do much better when I treat the rust with an acid-based product that leaves a Zinc coating behind (current fave: RustBullet Metal Blast) and then prime with KBS RustSeal (not POR15, and not RustBullet either although that`s worked OK too in some cases but not ones like this). And then use a creeping/seeping rust preventing product to further keep moisture out.
If the area doesn`t show I`d go about it differently (and probably more effectively) with stuff that`s not paint-friendly (the "satin-black product look" approach).
I just don`t see conventional "abrade/treat/prime/paint" methods working long term for this one, *GOTTA* get the right product on all the corrosion and then seal it up from air/moisture because you won`t get it *all*.
So if that were mine I would:
-figure out how to get to both sides of the area in question
-treat it with Metal Blast (and it`ll take a long dwell time, not just minutes- saturate paper towel figure out a way to hold that in place)
-Prime with numerous coats of RustSeal, again on both sides/everywhere and going beyond the obviously rusted area
-Topcoat with touchup paint (and then let it dry for a while)
-Rustproof with something that`ll creep into the gaps/etc. (something good, not WD40- check out ACF-50, that`s what they use for this on riveted aircraft panels or the black version of Eastwood`s Frame Coater stuff) to further slow down a return of the rust. If that stuff showed I`d live with it (better than rust IMO).
Speaking of "if that were mine", this isn`t all that different from some stuff on the Crown Vic (e.g., front stabilizer bar mounts). But in my case "satin black" is an OK look so I have it much easier. IF I had that *exact* problem and wanted to really fix it, I`d have the struts out to do the work. Yeah...I know..but that`s what I`d do.
Sorry this is just a [crappy] poorly presented rambling response..reads that way to me but it`s a tricky thing to convey (and a tricky thing to do successfully!). Also sorry for the "buy these different products you`ve never heard of" aspect of it..I have a ton of Rust Remediation/Prevention products that have *not* worked well for me and I`m not trying to waste anybody`s time/money on something where success is always iffy at best :0