Thanks, Captian_napalm, David and Dave for the replies. I plan to restore the truck as original as I can and use it mostly to drive out to the bluegrass pickins with my kids. 
I do not care to do the show truck thing. This old rusty thing was my Dad’s and has a lot of sentimental value. The highlight of my childhood was riding in this thing early on Saturday mornings and stopping by the country store to get a Coke (in a glass bottle) and a pack of crackers. As a kid I remember spending a lot time under the thing with dad putting a new clutch in it from time to time. He was very rough on a clutch. I think I was the only third grader in my class that understood what a release bearing did. Sorry to get all sentimental on the post..
I think I am going to try David’s suggestion and try to just cut out as much of the rust as I can and wield in some repair patches. That is what I hope anyway. David is right too.. The rust is mostly where that back brace is on the back of the fenders. So, I guess my next big question is… How would you get that brace off the back of the fender without destroying the fender? I was thinking if could get behind it and repair the holes I would be able to treat the back side of the fender with zero rust or something. Do you think it would be wise to use some of the steel from say the door of another old truck that is no longer useable for a door?
