Hey bud, as far as the rust goes, just make sure to strip every panel down to make sure there is no sneaky shit hiding in behind the seals etc.
depending on the severity of the rust (show some pics of it) you may want to break out a mig welder and slowly teach yourself how to weld.
Grind back any shitty bits and replace with fresh steel (I found getting old bonnets from a wreaker to be fairly cheap).
Also google 'automotive rust repair' there is heaps of info to guide you as well. Only use bog as a final touch up to bring back the shape above the freshly welded steel. Im still not the best at rust repair, but check my build thread if you want to see some massive rust repair (on the 2nd car).
Being able to confidently weld is important, im still learning myself. Good luck with it and remember to replace panels with better ones if possible, it will save time and headaches.