Well yours sounds like mine was! Last summer I did the following on my 1956 seris 11 traveller,
I scraped off all the loose old underseal, wire brushed on a drill the rest, treated with "Crust" rust treatment. Then the bare metal bits I painted with black hammerite where needed and after that I gave it all 2 coats of Black underseal made by Waxoil. It has waxoil in it so you can re-coat it with wax oil later to re-soften it. All the products I bought from Halfords. As for not using hammerite, I did bits of the car in hammerite 24 years ago and they are still like the day I did it and as I use the car every day in all weathers (over 6,000 miles last year) then I can not fault it!
Waxoil is a must! As much as you can, in under and on any bodywork, my doors are still brilliant after 26 years too!
Hope this helps The first photo is after a good scrape and wire brush, the next is during applying crust!
Phil[frame]

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