I dumped the fuel through a paint strainer and this is what I found. Not rust, but it appears to be a varnish from old fuel in the tank that lifted once new fuel got into the tank. I guess the lesson here is don't be fooled about the interior of the tank till it's completely cleaned. Tore it apart again, cleaned out the innards, and it runs great now...and to think that the bottom of the tank looked so nice and shiny.
I could be wrong about what it is exactly, but it's not metallic, based on the magnet. Who knows what someone put through it for fuel though. Word to the wise...clean your tanks! Doug