I would use a grinder with wire wheel, along with manual wire brushes, to clean off as much of the loose rust and flaking paint as possible. Because that stuff allows water and contaminants to be held up against the good metal, and slows the drying process. After that, maybe some rust converter on the rusty metal, as long as the converter will not eventually peal and allow water underneath. Mostly though I would coat the underside and especially inside all those seams, with a product like Fluid Film, every month or so. At least that is what I plan to do. Might be messy but much better than rust. (My 1985 CJ has rust everywhere, except midsection that was exposed to an oil leak, so I know oil stops rust on frames and bodies.) Be careful about any undercoating that might eventually lift and allow water underneath or hide rust.