I missed this thread in January, but I will mention the same thing I always do when the subject comes up. If you don't have a huge compressor, but you do have an average sized pressure washer, a sand blasting attachment for your pressure washer could solve your problem inexpensively and without straining your equipment.
For around a hundred bucks (what is that, about 60 Euros these days?) you can get an attachment for your pressure washer that will siphon sand at the spray tip and shoot it with the water. It is very effective. In addition to eliminating the need for a monster compressor, this method eliminates the problem of dusty breathing hazards. It is a little messy, but that's all. I have used mine on several pieces of equipment, and it does a great job. The pressure washing cleans off the crud and the sand blows away the rust and old paint.
I don't know if it's available in your country, but you should check out POR-15 paint. I just used it for the first time, and I don't think I will ever repair a piece of equipment without it again. Using an HVLP spray system I used about a pint (little less than a half liter) of POR-15 to put 3 coats on a 60" MMM deck. The instructions say you can spray it on over rust, so I was not concerned about the slight bit of surface rust that comes with pressure washer sand blasting. It took almost a quart (liter) of JD yellow to spray 2 coats on the same surface area.