I agree with Tim, not fatal and totally workable.
With rust like this I use the spray rust preventative that you get a NAPA and other parts stores that encapsulate the rust and leave it in a black type of dyed state. Does not look like someone has been under the car with a rattle can but better and more importantly it encapsulates the rust you see.
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65 Corvette Coupe L78
67 427/390 Vette Coupe unrestored
67 L-79 Vette roadster (Top Flight)
69 L71 Roadster Survivor
69 L46 Roadster Survivor (Sold)
69 Z/28 RS (Sold)
69 Dodge Charger R/T
70 W30 442 Auto Air Survivor
2016 Z06 Coupe M7
70 AAR Cuda (Sold)
69 L78 Chevelle (Sold)
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