I took my 51 hood which had top rust covered with 3 layers of paint and 1 being rolled on latex , to a place in Arlington Texas called Metal rehab.
It turned out real nice , needs very little glaze and will be fine.It was pretty interesting , they had these huge vats that they can leave a whole car in for several days to remove the paint and bondo etc... ,then they put it in another to kill all the rust and it does not harm the metal, the process takes around two weeks, pretty cool. They have a website if you are interested www.metalrehab.com .