Doesn't look too bad. Like others have said, wire wheel it as much as you can and then spray rust converter on it. And then annually spray it with Cosmoline RP-342 or Fluid Film or sumsuch.
Pro tip: Once you have scrubbed and sprayed rust converter on the holes at the bottom of the body panels, seal the holes up with a strong tape like FlexSeal or Gorilla and then make a small hole and inject the inside cavity with with an expanding foam. That will seal it up against future intrusion and you won't have to chase the cold air coming inside your cabin from strange places. DO NOT DO THIS ON FRAME, ONLY THE BODY PANELS!
Ask me how much fun I had tracing down the cold air just barreling inside the cabin from the B-pillars where front seat belts go behind the plastic cladding!
Pro tip: Once you have scrubbed and sprayed rust converter on the holes at the bottom of the body panels, seal the holes up with a strong tape like FlexSeal or Gorilla and then make a small hole and inject the inside cavity with with an expanding foam. That will seal it up against future intrusion and you won't have to chase the cold air coming inside your cabin from strange places. DO NOT DO THIS ON FRAME, ONLY THE BODY PANELS!
Ask me how much fun I had tracing down the cold air just barreling inside the cabin from the B-pillars where front seat belts go behind the plastic cladding!