These things don't seem too bad for structural rust, so it's probably a good choice for a long term 'keeper'.
I hope so, as it's my intention.
The thing to do is to stop rust getting a hold, by eliminating it as soon as you spot it. A wire brush on an angle-grinder is the tool of choice, followed by decent paint and stonechip/underseal.
The car is undersealed as standard, so you're going to be scraping damaged areas back to solid, and recovering. This is probably the most unpleasant job to do on a car, and is best done with it on a lift.
Small areas of underseal are easily touched in with aerosols, the paint factor I buy from often has recently date expired ones at a large discount, which I try to keep in stock. That avoids the need for a compressor and schutz gun, which are generally crap.
Panel repairs are straightforward, but are probably best done by a body shop. Coincidentally, I was talking to the bloke repairing my boss's Mustang, he reckons that the damage to my wheelarch and door will be about £300, which means it isn't worth doing myself.