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I also had massive rat nests in my frame
and it stunk to high heaven
I had heard that rat pee is highly corrosive, so
I ended up having to flush out the frame with water
You wouldn't believe all the nasty stuff that came out of there
Looks like just surface rust to me and not very bad at all. The trailing arm pockets look solid and just minor rust.
I cleaned out, pressure washed and blew out my frame interior on my 71' and then sprayed the interior with Ospho. I used a wand attachment for my air compressor that was designed to be used with engine cleaner/degreaser. It worked great to spray the Ospho. I flooded about a gallon of the stuff into the inside. If you use it, put down some polyethylene film on your garage floor and then drive the car on it. Ospho eats concrete (its an acid) also try not to let it contact fiberglass.
I scraped and wire brushed where I could on the frame exterior and painted it with POR-15. Unless you take the body off you can't get to the frame 100% but you can cover and protect a lot of it.