eesh, that looks like a Jersey truck....
my 77 was somewhat like that, little worse actually.. i had some at the top too..
couple ways to go about it from hack to correct....
the right way is to buy some spotweld drillbits and remove the outer driprail. cut the rust away behind it, blast it, weldthru primer, patch. then reinstall the outer driprail, plugwelding the spotwelds you drilled out..
actually if its just at the bottom you could prolly just cut away a lower section to get at under rust and patch the removed piece back in.. i needed to do the whole thing..
to do the whole driprail requires a bunch of body c-clamps, hammers and dollys, sandblasting, etc... some metalwork ability.. patience..
i ended up not doing mine and setting it aside for a trail rig.. i do however have some pics of the driprail being removed.. you have to have spotweld bits for this... like these..
heres what it does...
reminds me of the days of restoing Mack trucks.. rotboxes with a ton of spotwelds...
you could also clean it up as best as possible and just patch whats exposed.. but it'll continue moving and come out somewhere close soon enough..
heck, you could pack it with 2 part foam or newspaper, throw a little dynaglass on it, paint and get a few years out of it...
or.... full convertable!