At this time of year I would use about a half bushel of new maple (or walnut, I have both in my yard and usually the need trimming) leaves in a water bath canner, boil a few minutes, then steep overnight and reheat, then remove the vegetation and cook the traps. What ever pot is used the leaves or berries or hulls need to fill it about half full (or more) before the water is added.
Maple, walnut, oak, chestnut, sumac leaves, birch, alder, hemlock, mimosa all have good amounts of tannin, bark or leaves are best collected in spring.
The red powder that I bought at Cabelas with trapping company name on it did not properly treat my traps, or not to the degree that using leaves has made me expect.
Tannin converts rust (ferrous oxide) and leaves some protection from further rust in the form of ferrous-tannate, at the same time the expansion of the steel from the heat of boiling will cause it to shed any loose flaky rust.
If I cleaned the rust off the traps by acid or blasting or heat I would not boil them afterwards, it would be pointless because the rust is gone- just wax or paint those nice clean traps and be done. De-rusting only to re-rust makes no sense to me.
I boiled traps for decades Wont ever again. Kinda fun...but a huge waste of time. Wash, wax, plant.
But whatever floats your boat....just know it's not necessary.
And no, I do not think for one second that a boiled and waxed trap is scent invisible.
Both true in as far they go, the tannin treatment isn't necessary (although it may make the traps last three life times rather than one) and the traps will still smell, however the odor of a local tree is not going to have much effect on critters that smell that tree every day.