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@BenH
Interesting thing I found on Rivendell Bike Workshop (http://www.rivbike.com/article/bicycle_making/frame_materials):
"Steel critics cite rust as a weak point of steel, and even the word rust conjurs up images of broken chains and hole-y buckets. But rust and corrosion ("rust" being steel-specific) are protective responses to environmental conditions, and once a layer has built up, they become a protective layer against further corrosion. Super thin tubes are more vulnerable to rust than are thicker ones, and that's a good argument for avoiding 0.35mm walls in steel bicycle frame tubes. But if rust were the tube-killer the carb-al-ti folks would have you believe, there wouldn't be hundreds of thousands of 30-year old and routinely neglected steel-framed bicycle still roaming the planet. Even so, it is best to prevent corrosion in super-thin-walled steel tubes by spraying them with any number of anti-rust sprays readily available. FrameSaver is one. Boeshield T9 is another. LPS makes some good anti-rust sprays. If you like the old ways, use linseed oil. The point is, rust is a problem only in your head."
But having said that, there's anecdotal evidence here and there that rust can cause failures. Odd. Anyhow, having read that, I might try just stripping the paint off my frame and protecting the inside. If it breaks, I'll let you know :)