The rust damage is seen here. It's all along the gasket mount as well as along the bottom. The little black spot along the skyward facing surface - that's a hole. The dust is from me sanding the rust down and just exposing some of it.

http://i.imgur.com/z6qrQ.jpg

I am considering 1 main way of doing this. If you don't think my method's good, let me know. If you can recommend some products, let me know. I do not know much about rust removal products...I only know ZR and POR are for AFTER you've gotten rid of the rust.

I plan on grinding all the rust down. This will undoubtedly expose holes. I honestly have no idea how much I should grind it down or how I'm going to get a clean grind on the gasket mount edges...it looks finicky. After this, I assume I should throw down some rust-conversion product. Crappy tire/wally world probably is not to be trusted for this so let me know what you think I should get.

After the rust converting product, I plan to throw down some some primer followed by a skim coat of evercoat rage gold. The purpose of this is to build a relatively even surface over the rusted areas. Then I plan to put down a couple layers of fibreglass over the damage. I do not know if I should lay the fibreglass such that it goes over the gasket mounts or if I should avoid adding any bulk/width to the gasket mount. I feel that if I add width to the gasket mount, that will undoubtedly cause some gaps when the rubber is fitting over everything - which exposes everything to water. I don't want that.

After the fibreglass goes on, I think I want to put down another couple coats of evercoat, sand it even, primer it and then spray it.

Any gaping holes in my plan? Any ideas? The main reason I don't want a new panel welded in is because it is pricey as heck and this car is mostly a beater. I just don't want it to look like a beater. I expect to get rid of the car (sell it) within 2-3 years so I want the fix to hold for a decent amount of time.