I know they sell a gas tank sealant that is used in a similar fashion. I believe it's called Kreme. POR15 or a good tractor paint would probably work as well.
A lot of times, the inside of steel can be pretty oily, so you would probably have to pour something in first to degrease everything so that the paint would stick. You may want to throw a bunch of small rocks in as well to help clean the walls.
If you could seal up the 4 holes for the gas tank, then I wouldn't worry about. Look how long air tanks last, and they are constantly having new moist air pumped into them.