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In my opinion what you do depends on your ultimate goal for the truck.
If you want a cool "patina" truck to beat around in that you're not pouring money into constantly then you've already ahead of the game. If you want a super nice driver or show truck you can have that too... with lots work, time and MONEY.
You will want to fix the rust eventually regardless of your plans as it has a tendency to "grow"
Regardless.... I say enjoy that fact that you have it and good luck with whatever you decide!!
This Hennessey Takes the Expedition Tremor's Off-Roading Capability to the Next Level
Slideshow: The VelociRaptor Expedition gains a lift, upgraded suspension, Brembo brakes, and trail-ready equipment while retaining the stock 440-horsepower EcoBoost V6.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.