I used Loctite Rust Neutralizer on my deck about four years ago followed by some red oxide primer, and some Persian Orange paint I had laying around. The paint is still intact and there is no separation of coatings under the deck that I can see. Does it looks restored??? No, restoration is a process that is much more involved than a decent repair.
Most important is to follow the directions on the Neutralizer.
How old is the deck?
http://www.amazon.com/Loctite-633877-Extend-Neutralizer-Aerosol/product-reviews/B001AZLA08