I would say the rust is not bad enough on the frame or hanger to do anything about but to paint and protect it from getting any worse.
As to the crack in the frame I would take the route to simply grind the weld out and weld it back together without using a sleeve/angle etc... To prevent any further issues with the frame I would reinforce the bed you are putting on rather than reinforcing the truck frame. If the bed is built properly, it combined with the truck frame (even with a weld) will be plenty strong enough.
To properly add a frame reinforcement (i.e. not cobbled or slapped on) would be much more effort than to reinforce the bed you are putting on. If you put a sleeve on the inside your cross members will be to long to fit, and if you put it on the outside you will have to move the springs out on the axle to accommodate the extra thickness. When adding frame reinforcements you have to be careful not to make any abrupt changes in strength, so sleeves must extend beyond your stress points. Putting an angle only where the frame cracked might just cause a stress riser at the end and the frame will just crack again at the end of the angle you added, defeating it's purpose.
Tad
1946 Chevy OS 1.5ton, 1955 GMC 3100, along with other various IH,Ford,Nash,MGB,.....
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