Here the roads are heavily salted during the winter so rust is inherent in most cars and as I own old Datsuns as a rule I've had more than my fair share of it. I have developed a few techniques to deal with it.
First and foremost is protection against it happening in the first place. I treat the underside of my cars with either a 50/50 mix of Waxolyl and underseal or some stuff called Astrolan (PX28) which is used by the military. Both PX28 and Waxolyl are similiar substances, a wax with rust inhibitors in it. Waxoyl is more "liquid" than PX28 but neither will ever dry out and go hard. PX is nicer because is is firm and dry to the touch once applied. I heat it until is extremely hot before applying as it's then very watery and will soak into seams and also into any rust that is present. I have coated the entire underside of my Terrano in it including the suspension and inside the chassis. On the underside alone I used two gallons of the stuff. I have also done inside the door bottoms, sills and inside the rear quarters around the wheel arches as well as up under the front wings behind the arch liners. Every enclosed space and area likely to rust has been coated in it. It's a really horrible, nasty job to do but well worth it in the long run. You could also use a similar substance made by Dinitrol or Tetrosyl.
I used PX the most as it's military spec and more robust than any other substance I've seen. I will use it in preference to paint as water seems to be unable to penetrate between it and the surface and it self heals to a degree when the coating is damaged as it always remains soft.
When it comes to repairing rust the golden rule is chop out all the rot! There's no point in welding plates over the rust as it will return very quickly. Cut back any damaged metal until you reach good solid steel. It's no harder to weld in a big piece than it is to weld in a small one so don't skimp on the cutting. I often use cardboard to make templates to help cut out replacement panels and sections. These can be made before the bad metal is removed. I also try to rebuild sections in the way they came from the factory, copying the original stucture, unless the original design is likely to cause future corrosion problems. Rust treat areas inside and out after repairs too.
I have yet to try any POR15 products as they are not widely available here, but a company called Frost supply it so I will be trying it on the old Datsun pickup I am currently restoring.
-Ed