Dinodave,
Great find. Restoring it to "as new" condition will be a great project.
Those wheels are typical for the period and are not the "split rim " type that people are anxious to get rid of.
On yours the rim dismounts from the center.
A good media blasting shop can get the majority of the rust off without doing any damage to the metal by using a less aggressive media. Then you can spray a good primer and wet sand it off, repeat until all the pits are filled and the surface is ready for paint. It's a lot of work but you feel really great each time you have a piece finished.
Note, never use spot putty.
