Thanks for all of the great responses. I got the trailer home and assessed the damage. The floor has some rot on the front half. I think my plan is to cut out the entire floor and weld some 11ga diamond plate the to frame the set the old tub back on and weld to the frame. For some reason, the USDA decided to cut the front panel completely out of the trailer (no data plate, so no SN or yr of manufacture), so I am going to have to try my hand at welding sheet metal for the first time!
So far, I have completely disassembled the bolted parts of the trailer. I didn't sandblast or media blast as I don't have the proper equipment, and didn't want to pay someone. I instead have been using my angle grinder with a whire cup and a whire wheel to remove the rust and old paint. Everything has been cleaned and primed with the exception of the tub and frame. I repacked the wheel bearings (which were in excellent shape) and replaced the hub seal. The brakes appear to work fine, although the cable was frozen and there is no handle. I found some M416 handles on the cheap which I plan to moun to the front of the trailer and have one for each wheel (similar to the M101AX trailers).
I have saved the hardest work for last, and must remove the tub from the frame, cut the floor out of the tub (as I think it is beyond repair), repair a crack in the frame near the shock mount, and weld in a diamond plate floor. I plan to leave about 1in of the tub floor around the perimeter so I can "set" the tub on top of the diamond plate floor and fully weld the two together. I am definitely open to suggestions on this topic as I'm not sure if this is the best course of action.
I have a question regarding wheels and inner tubes. This trailer has the original wheels which have the center section bolted to the rim. I purchased some 215/85/16 radials second hand as the repro bias plys are $$$. Do I need to run a tube with these wheels, or will they hold air with a tubeless tire?