I have a 41 Chevy 3/4T flatbed. The bedwood was in pretty sad shape when I got the truck and it had sat outside for like 30 years. Just behind the cab water/moisture had collected under the 4 x 6 wood bed rails and on top of the frame. This has caused the top of the frame rail to be pitted by rust. It is not anywhere near rusted through, but I was just wondering about the best way to fill this area so moisture doesn't do more damage to this area in the future.

Option 1 - Sandblast the area, fill the pits with a welder and grind smooth and paint?
Option 2 - Sandblast the area, fill the pits with something else that wouldn't heat the frame rail, and paint?
Option 3 - Something else?

Any suggestions are appreciated, thanks.
Kevin