KENZ,
What a treat, somebody wanting advice...BS is my speciality. I was going to have to do the very task you mention in your post. After dissecting the fender/kick panel area, I purchased a different cab. If I had my choice of sliding down a 50 ft razor blade into a pool of iodine, or replacing kick panels, I would choose the razorblade.
That area of the truck is VERY busy with spot welds, braces, and usually rot/rust.
If I were going to take your repair approach, I would try to remove/neutralize as much rust as possible. I think I would somehow clean the panel enough to cover all the gaping holes with fiberglass cloth/resin...just to keep the breeze out. Paint everything with some type of POR, or other rust inhibitor and cover with the cardboard panels, or spray/roll with bed liner and paint with a color that matches the interior.
It took many years for the area to rust through..a temporary fix will add a bunch more years to it's life.
Stuart