I'm making a webpage which addresses such issues... http://warbuddies.homestead.com/RestoHelp.html It will eventually be a cut and patch/weld operation but you can buy some time by removing some of the paint and applying Ospho, waiting 24hrs and spray can prime and repaint. The fix won't be pretty but it will slow the rusts progress. My 2cents Jim
The epoxy is needed if you are going to be taking things down to bare metal. Most primers are water porous (Except epoxy) If you simply put high build on it needs to be dry sanded and painted shortly after or you will begin to develop light rust underneath your primer. (MHO) If you are simply scuffing original paint then high build is all you need. Check out this webpage I'm starting which discusses this kind of thing. I'm not a pro but I have done a few cars and trucks over the years. http://warbuddies.homestead.com/RestoHelp.html
Look at PPG's "Omni" line. It's pretty cheap 1 gal epoxy primer kit $70 1 gal High build primer $70 1 gal MBC $95 -$150 (basecoat) Can't remember the price of their clear but it might have been $15/qt OR You can be extra CHEAP and use ALK-200 which is a paint that runs around $25/gallon. It is Ready To Spray (RTS) BTW You'll still need some primer. My 2 cents Jim