Dude, it's a great way for removing rust. I have been doing it since 2000. Have done most every part on 4 Allis's this way. You have to love any system that will allow you to remove a nut this rusted for 70 years on a plow, and screw it off with pliers after cleaning
If you have a decent charger (manual style, not an automatic), forget the battery.I've used them in the circut before, just not worth the effort.
Washing soda does produce a small amount of hydrogen, still not something to do indoors.
Temp does speed things up a bit, but here in Georgia, I have parts going most all year long. I do most of mine in either my 250 gallon tank, or in a plastic 55 gallon drum, but any plastic container will work. I've used kiddie wading pools to do rear wheels, and used four picnic table benches in a square, linded with plastic to do a huge fender.
I don't drain them unless it plans to stay below freezing for several days and nights. Even if a little bit of ice happens, it doesn't hurt anything. If you use a trash can just remember they get very unsturdy with a good load of water in them and may split. 8 lbs to the gallon is a load for cheap plastic! Your best speed comes from good commections, 8-10 amps or so of power, and lots of surface area of anode (I use old bush hog blades) *** most important is positive to anode, ground to your part*** do it backwards and your part goes away! (ask how I know that!)
here's some good reading too, sorry to get so long winded, but yell if you need help!
here's some reading when you don't have anything to do-
All do the same, but each has some different twist.
http://antique-engines.com/electrol.asp
http://myweb.tiscali.co.uk/andyspatch/rust.htm
http://users.hfx.eastlink.ca/~pspencer/nsaeta/electrolysis.html
http://www3.telus.net/public/aschoepp/electrolyticrust.html
http://www.intricatearticles.com/personal/rustfaq.html
http://www.stovebolt.com/techtips/rust/electrolytic_derusting
http://users.eastlink.ca/~pspencer/nsaeta/electrolysis.html
http://www.fboerger.com/restorationtips.html