First of all try wire wheeling all of the loose crappy stuff.  Next take some rust killer, (it looks milky, i forget what it is called sorry!) but put that on, when you pust it on it seems to turn purple and it quickly kills all of the rust in seconds. Anymore problems PM me.

EDIT: btw here is the supersnake, a beefed up version of the GT500E: http://www.sandersonsales.com/images/gt500e/supersnake.htm

try naval jelly, its a rust eater, you can get it at your local parts store. Its some good stuff.

Rob

If you are completely dissassembling the car, you could always go for acid dipping, and that would completely take off all rust.... but you gotta have cash thats for sure.