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the chainstays are the critical area. That's what rusts out. So soak them. The rest doesn't really matter so much. This frame has these tiny holes all over it I think for releasing gasses when it's welded so it's pretty easy to spray. I wouldn't have had to remove anything to do this.
I don't think the film it leaves is that hard to remove with a solvent if you get it on threads or races either, though i regret not masking off the bb shell.