Hi 51flatbedchev,
It sounds just like what I am currently in the middle of doing. I am just going to clean up the frame, use JASCO to kill the rust, use etching primer for extra protection and then use the smooth black hammerite paint. It is thick and should look good. I too am going to use the truck for show and hauling dirt/machines. Good luck in what ever way you go.
Aloha,
Keoni (1948 1.5 ton loadmaster)