I used the Killrust system. Go to your local Home Hardware shop and buy the Killrust system.
It is a three product process that is dependant on how good your preparation is as with all paint systems.
You need to really well degrease the engine and wire brush it to remove flaky paint, rust flakes and whatever.
Follow this with one or two detergent washes and let it dry off a day or two to result in a fine film of rust on the cast iron.
Stick to the product instructions for the Rust Eeter and the primer over that. For the Rust Eeter use cheap brushes because the only thing that might clean them up is their recommended product. Turps or thinners will not clean them.
After the Rust Eeter and primer it is flexible what you use but I would not go with a two pack. An oil based enamel will be fine. I used a non Yanmar colour hammertone gold which suits my concept of looking sexy with fire engine red trim.
The sequence of the pics is a bit back to front. The black is what you get after application of Rust Eeter and the dull red on the front engine casings (alloy) is International PA 10 which is the best I know for alloy priming.
You should notice in all but the first pic the engine is stripped of all hoses, belts etc,etc. To make a proper job of it that is what you need to do. Don't even think about spray cans of paint. That is the worst thing you could do.
Let me assure you that the result is worth the effort and that if you decide to proceed, you are forgiven if we do not hear from you for the next month.
I hope your efforts result with a smooth diesel like this one.