The knotted cup wheel on a 4.5 mini grinder is a good way to quickly strip off surface coatings. Unlike early frames, the late versions of GM G-body frames were not made from one piece of steel plate that was then hydroformed using water and high pressure to push the steel into the desired shape. Rather they were assembled from individual sections that were cut and formed, then fused/welded together. your picture clearly shows the topside seam. To get that seam clean, you will really have to lean on the grinder and get the wires of that cup into the seam material.
Once you believe you have the metal clean, then for me the next step would be to purchase a quart bottle or two of SEM Rust Mort along with a cheap S/S salad bowl from the local supermarket and a couple of cheap fibre bristle paint brushes. The fibre bristles get down into the pores of the metal. Decant some of the Rust Mort into the bowl and have at 'er. Get real generous and liberal and slather the stuff on every inch of bare metal you can reach and then dump some of it into a disposable pump gun and spray it through every hole in the frame to get it into and on the inside metal. Rust Mort will tell you if it has encountered rust as it will turn black as it dries. Heavy black areas should be revisited with the wire wheel.
Once the Rust Mort has dried, you can scuff it, or leave it. It works okay as a substrate for a coat of Por 15. POR 15 comes in both colors and in gloss, semi-gloss, and flat black. You can dilute it using their thinner and spray it, you can brush it, you can even buy one of those 3-4 inch wide micro rollers and roll it on.
DO NOT allow it to dry on anything apart from the work surface.
Once this stuff sets, there are only a couple of ways to remove it. The simplest is time and age; it will wear off the human body but the lag time is miserable. The alternative is mechanical. You can sand it off by hand or with that 4.5 m-g. You can also use a small wire brush and hand brush it slowly and gently to remove it.
Oh, yeah, if you elect to wear a pair of coveralls or a painter's bunny suit as protection from splashes and smears, POR 15 will soak through the material and end up on whatever you are wearing, or not, under the garment. SURPRISE!!
Apart from all this, do not think of POR 15 as a final or topcoat. Left uncovered once applied, it is susceptible to UV breakdown. As protection it needs an additional topcoat of whatever color you have chosen for your frame.
Nick