Get a needle scaler. Works wonder knocking of rust before treatment and gets into tight spots better than angle grinder: Amazon product ASIN B004Z3XX1Q
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Use a 4.5" grinder with wire wheels, use corroseal to convert the rust the paint with por,-15. Mine was 1/4 of what you got and I spent 4-days prep.and two days painting and the going back to hit spots I missed. just make sure you put the cardboard underneath the car makes it easier to slide and you won't trash or driveway you will be sweeping up a lot of crap but it doesn't look too bad as long as you don't have structure or frame rust you should be okay.Meh, nothing structural so far. Give the worst looking spots some wacks with a hammer, poke around with screwdriver, pry bar, whatever. I'd be surprised if it didnt have years in it yet. Once youve poked around, mechanically removing as much rust as you can then paint, or your coating of choice. Or just give it a good spray with something oily, get into as much of the inside of frame and body panels, door bottoms as you can. Itll look a lot less scary and prolong the life exponentially. Rust Check brand products are a Canadian standby, they come in two flavours, a light runny red fluid and a heavier 'amber' that goes on almost like an oily gel. Red stuff for inside for inside of panels and such. Can be had in aerosols for convenience or larger quantities if desired. By the pail or even the drum. Also know as oil based rust proofing.
Can use whatever is cheap though, wd40 is too light. Old farmer method is used engine oil, I've seen people use chainsaw bar oil and Atf as well. Messy. But works,. Expect anything runny you spray into panels to drip for a day or two, not exactly street friendly.
Being in TX, once youve gotten ahead of the rusties it shouldnt be a problem for some time to come.
Ps, Fluid Film is also a Canadian product and has very similar sticking/flow characteristics to commercial rustproofing products such as 'amber' Rust Check. Much tider than the runny stuff.
And sometimes the rust damage turns out to be WAY WORST then you though once you've removed it. I had a customer bring me a 12 bolt rear end out of a 1970, Z28 that the customer wanted me to clean up so he could install it in his 1973, Z28.Also when rust forms, it bloats like a growth and makes it look like a lot more material has been eaten away than what actually has.
Sorry for your loss man. There is no way i would invest any sort of money or time into a truck like that. And this is coming from someone in the "rust belt". Living in TX, there is no excuse to own a rust bucket.
Part it out, or sell it.
Maybe more of a Canadian staples me thinksManufactured in San Mateo, CA by the Eureka Chemical Company.
Corporate offices in San Francisco.